Discover career opportunities in Anti-Financial Crime (AFC)
"The AFC function performs a critical role in keeping Deutsche Banks business operations as well as the global financial services clean from financial crime while serving the interests of the bank and also of society at large."
Head of Anti-Financial Crime and Group Anti Money Laundering Officer
Our people tell you more about working in AFC
Diana, Anti Money Laundering (AML) Analyst based in Jacksonville, Florida
“AFC overall plays a critical role not only in upholding the financial legal standards and reputation of Deutsche Bank, but also a role where financial institutions strive to remain within its civic responsibility in the communities, they operate in.”
Heike works in AFC Modelling and joined in summer 2021, Frankfurt
“Having adequate transaction monitoring models in place requires a deep understanding of financial crime and the regulatory requirements. With each improvement within those models, the Bank does not only fulfill regulatory requirements, but it also stop criminal activities like money laundering or human trafficking”
Fidelius is Head of CAO Management Information and Reporting, Frankfurt
“Working in AFC gives a unique opportunity to be proactive, work in a fast-paced environment and is very rewarding as we know that we are actively impacting how the bank and society is protected from financial crime.”
Deutsche Bank benefits from having a highly experienced and dedicated AFC function, which is continuously self-critically assessing its strengths and areas of improvement and continues to invest in all aspects of its program as opportunities arise. This exceptional commitment of the AFC function prepares Deutsche Bank for future challenges in fighting financial crime. In order to combat financial crime effectively and ensure AFC is always able to respond to challenges in a flexible manner, AFC has a matrix structure that combines regional coverage, business line coverage and global functional coverage in all of its core areas of Anti-Money Laundering; Sanctions & Embargoes; Anti-Fraud, Bribery & Corruption; Investigations & Intelligence; Monitoring & Screening; and Risk Assessment.
AFC Key topics: Where AFC is making a difference
What is money laundering?
Money laundering is the act of creating a legitimate appearance for proceeds gained from criminal activities and thereby concealing these activities. To this end, criminals often move money across national borders and continents. According to the United Nations, each year criminals launder roughly 2 trillion US dollars, approximately 5% of global Gross Domestic Product (GDP).
At Deutsche Bank, we have a responsibility to work together against this kind of abuse of the financial system. Financial crime has the serious potential to ruin lives. It disrupts societies, undermines the integrity of the financial system, and destabilises global security.
An example of where money laundering frequently found is modern slavery and human trafficking:
Every year, an estimated 20.1 million people around the world are forced into labour and debt bondage. Approximately 4.8 million people annually are sexually exploited, with an estimated one in four victims being a child.
Criminals engaged in these activities need to make the proceeds of their activities appear legitimate, often through money laundering. As criminals employ very elaborate and sophisticated schemes that often include the use of banks to “launder” their revenues, a heightened awareness to prevent and detect acts of money laundering is of utmost importance to us all at Deutsche Bank.
Sanctions and embargoes
What are sanctions and embargoes?
Sanctions and embargoes are restrictive measures agreed and implemented by international bodies, supranational organisations, or national authorities to inhibit certain activities. They can be imposed against or on specific countries, organisations, groups, entities, individuals, vessels, aircrafts, goods or equipment, such as weapons of mass destruction and arms.
Both terms are often used synonymously. However, “sanctions” tend to broadly describe measures or restrictions that may target individuals, entities, businesses and / or countries. “Embargoes”, on the other hand, tend to describe authoritative measures imposed on a state or country to restrict foreign trade.
An important type of risk that sanctions and embargoes address is proliferation financing.
Proliferation financing denotes the provision of funds or financial services used to acquire weapons of mass destruction. These include chemical, biological, radiological and nuclear weapons as well as their delivery systems. It also entails financing transactions to support sanctioned industries of state proliferators that are known to provide revenue streams to fund nuclear weapon programmes.
Another example where sanctions and embargoes can be imposed is the financing of terrorism. Terrorists, for example, need money for training, recruitment, and the support of other criminal organisations. To prevent and combat terrorism and terrorist financing, most countries have implemented measures such as sanctions and embargoes.
Depending on your role in the bank, you may be more or less exposed to dealings, business or counterparties that could be subject to sanctions. It is important that you are able to identify applicable sanctions risks and escalate concerns to the relevant stakeholders to ensure that appropriate action can be taken.
What is Fraud?
Fraud is the act of intentionally deceiving or misleading others to gain a personal or business advantage. Both individuals and organisations can commit fraud. Fraud is a crime that impacts the health and wealth of every victim. To protect our bank and our clients, we must be vigilant and know how to identify signs of fraud.
Benefits obtained as a result of fraudulent activity are not always purely financial: They may be an invitation to a prestigious event, a new role in a higher position or some other form of increased power or influence.
What is aiding and abetting tax evasion?
The offence of aiding and abetting tax evasion can be dishonestly assisting someone to evade tax, failing to act when legally obliged to do so or being wilfully blind to potential tax evasion. Both individuals and corporate entities alike can be guilty of tax evasion or be complicit in its facilitation.
Every employee in the bank is obliged to follow the bank’s guidelines on the prevention of aiding and abetting tax evasion, no matter where he / she works and whether there are specific laws on tax evasion in his / her jurisdiction.
Bribery and corruption
What are bribery and corruption?
Bribery is the offering of an incentive to persuade another person to do something improper for you, or to offer you something in return. Bribes are not always in cash. Anything of value can be used as a bribe – for example gifts, jobs or insider information.
Corruption is ‘trading in influence’. It involves the abuse of a position to commit a crime. Do not engage in bribery or corruption – these are criminal offences.
Cryptocurrencies and cybercrime
What are cybercrime and cryptocurrencies?
In recent decades, financial crime has increasingly expanded into the digital sphere. As a result, cybercrime and the use of cryptocurrencies in illicit activities has grown and banks need to find ways to prevent, detect and address such illegal activities.
Cybercrime denotes the use of a computer for illegal ends and may harm someone’s security and / or financial health. It can be an extension of previously existing criminal activities into a new sphere and has also given rise to new kinds of criminal activity entirely. Due to increasing interconnectivity, the widespread adoption of technology, as well as the transition to fully digital platforms in the cloud, cybercrime has turned into the world’s leading sources of illicit revenue.
Cryptocurrencies and other virtual assets are not only increasingly widespread alternative means of payment, but also more frequently used by criminals. The Blockchain technology, on which the majority of cryptocurrencies operate, permits swift, global and largely anonymous financial transfers in a realm that is less regulated and where identities are difficult to verify, thus providing ways to defy the KYC-principle. Criminals might use cryptocurrencies, for example, to launder money, to receive virtually untraceable payments for ransom or illicit services, or to engage in financial speculation.
Financial institutions that will be active in cryptocurrency markets have the opportunity to play a crucial role in improving transparency and implementing controls to combat financial crimes in a Blockchain-based environment marked by decentralisation and anonymity.
As people and processes – rather than technology – consistently prove to be the weak links in cybersecurity, awareness is needed to mitigate cyber risks and combat cyber-enabled financial crime.