The London branch of Deutsche Bank on June 27 sent a letter to the Russian Cabinet in which it informed that in the practice of “Know your customer” (KYC), it analyzes the services provided to the government of the Russian Federation and documents at its disposal. This is written by Vedomosti with reference to the letter, which was confirmed by the representative of the Ministry of Finance.
KYC assumes that the credit institution identifies the customer before performing any operations. Data on customers should be updated from time to time, explains Deutsche Bank, citing in a letter to its policy. At the same time, the bank in the letter calls the government of the Russian Federation a “firm”.
“The inability to obtain the latest information from your firm may require us to terminate our business relations,” the publication quotes the excerpt from the letter. The bank asked to be contacted within 30 days, which has already expired.
Two officials of the financial and economic bloc told the newspaper that the government did not respond to the bank, but Deutsche Bank did not receive any more notifications on this issue. The source of the publication noted that Deutsche Bank more than once participated as an organizer of bond issues, and for several issues the financial organization acted as a fiscal agent. Another interlocutor of the newspaper – In turn, the top manager of the international investment bank in an interview with the newspaper made the assumption that the Cabinet was preserved in the Deutsche Bank database and the corresponding letter came to him erroneously.
“Regular formal checks of all partners around the world are standard measures within the framework of KYC-procedures,” the Deutsche Bank said.