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Deutsche Bank Americas Head of Anti-Financial Crime Richard Weber Maps “Culture of Compliance” at Exiger Integrity Forum

Deutsche Bank’s new Americas anti-financial crime head, Richard Weber, addressed the attendees of the Exiger Integrity Forum with his vision for developing a culture of compliance that leverages collaboration, public/private partnership, and cutting-edge technology to create a “blanket of compliance.”Weber is uniquely positioned to speak to this broad view, given his deep public sector experience. Before joining Deutsche Bank just three months ago, he was Chief of the Internal Revenue Service’s Criminal Investigation Division, and has also held senior executive roles with the Manhattan District Attorney’s Office and the U.S. Department of Justice. He explained the unique perspective as follows:“In my previous positions in government, my focus was to keep the country and its citizens safe from drug traffickers, terrorists, money launderers and financial predators. In my new role, I keep my financial institution and our customers safe from these same predators. Now, I understand how closely these two goals are intertwined. A strong and effective anti-money laundering (AML) program is a major component of a strong and effective AML regime. Financial Institutions with strong AML programs are an essential component in that fight.”Weber then went on to outline what he described as the three essential components to an effective AML regime: Financial Institutions with strong AML programs: Weber explained that, “Banks are the first line of defense against criminals and terrorists… If every bank has a strong AML program, criminals will find it harder to move their dirty money throughout the financial system.”Financial Institutions working together: Weber drew a parallel to his years in government sharing the fact that no single agency can address the criminal alone, adding: “We need to work together with in the government and that’s true in the private sector as well… When it comes to AML, financial institutions must see ourselves as partners, not competitors… We need to effectively weave a compliance fabric that will effectively blanket the country and crush those who try to infuse our institutions.” A strong public/private partnership: Weber shared his approach while in government: “When I was with the IRS, I convened several meetings with financial institutions every quarter to talk about what we were seeing in law enforcement and invite banks to talk about what they were seeing – not to share a specific case –but to partner and share information, which was a huge resource…” Weber wrapped up his comments by making the case for investment in technology, explaining: “Just as we must adapt the infrastructure of our nation, we must ensure that we’re at the cutting edge of technology infrastructure for law enforcement, government, and our financial institutions.”

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