Deutsche Warns Clients of Cutoff — WSJ

The “know your customer,” or KYC, letters have gone to asset managers and corporate clients in recent weeks as part of an continuing, multiyear effort, some of the people said.

The clients have been told to provide the information by the end of June or face the risk of getting cut off from new loans and other services, one of the people said.

“This is a standardized notification that has been sent to thousands of clients globally,” a Deutsche Bank spokeswoman said. The latest wave of letters, earlier reported by the Financial Times, pertains to certain products and requirements by the bank to screen transactions to prevent money laundering and other financial crimes by clients, the bank said.

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