Deutsche Bank appoints US general counsel to head anti-financial crime unit

[NEW YORK] Deutsche Bank has appointed Joe Salama, its US general counsel, as global head of anti-financial crime (AFC) and group anti money laundering officer, the bank said in a memo to employees on Tuesday.

Germany's largest lender has been the subject of numerous regulatory and legal investigations over the past decade. Its anti-money laundering and financial crime procedures continue to be the subject of scrutiny from regulators.

Last month, the German financial regulator BaFin ordered Deutsche Bank to enact further safeguards to prevent money laundering, a blow to the bank's efforts to repair its reputation.

Subject to regulatory approvals, Mr Salama will succeed Stephan Wilken on July 1, Stefan Simon, Deutsche Bank's chief administrative officer, said in the memo. He will report to Mr Simon and split his time between New York and Frankfurt.

Mr Salama has been with the bank for more than ten years and currently serves as global head of litigation and regulatory enforcement, as well as general counsel for the Americas.

REUTERS