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Deutsche Bank Asks Investment Bank Clients To Submit Documents Or Face Cut Off

German banking giant Deutsche Bank AG (DB), in its compliance efforts, has told around 1,000 investment-banking clients to face cut off from services if they fail to submit company-ownership information and other documents within a month, according to reports.

Citing people familiar with the matter, the reports said that asset managers and corporate clients have received the "know your customer," or KYC letters in recent weeks. They are needed to provide relevant information by the end of June, or else will be cut off from new loans and other services.

Deutsche Bank spokeswoman reportedly said that it is a standardized notification sent to thousands of clients globally.

The move mainly focuses on the global transaction bank, which is part of the investment bank, that lends money to companies to finance their global trade flows and handles international cash transfers. With these steps, the bank aims to screen transactions of its clients to prevent money laundering and other financial crimes.

On May 15, Deutsche Bank said that German authorities conducted searches in connection with suspected tax evasion.

In late May, Deutsche Bank Chief Executive Officer Christian Sewing said at the annual general meeting that the bank is prepared to make tough cutbacks to improve the bank's profitability and raise a "disappointing" share price. He added that the bank would further tighten its capital allocation.

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