Deutsche Bank has tapped its US general counsel to become global head of anti-financial crime and group anti-money laundering officer, the lender said today.
In a memo to employees seen by Reuters, the German banking giant said Joe Salama would head up its efforts to crack down on white collar crime.
Deutsche Bank has come under scrutiny from numerous regulatory and legal investigations over the past decade.
It has been forced to pay a string of major fines for money laundering lapses, including for its links to the Danske Bank scandal and its operations in Russia.
Last month the German financial regulator BaFin ordered Deutsche to enact further safeguards to prevent money laundering, marking a blow to its efforts to repair its reputation.
Subject to regulatory approvals, Salama will succeed Stephan Wilken on 1 July. He will report to chief administrative officer Stefan Simon and split his time between New York and Frankfurt.
Salama has served at the bank for more than 10 years and currently serves as global head of litigation and regulatory enforcement, as well as general counsel for the Americas