Fed fines Deutsche Bank $186 million for inefficient action to restrain money laundering
Deutsche Bank.
The US Federal Reserve on Wednesday imposed a $186 million fine on Deutsche Bank’s New York branchfor ‘unsafe practices’, including inadequate action towards money laundering control and additional shortcomings.
The fine was levied based on preceding matters concerning deficient controls in Deutsche Bank'sties with the Estonian branch of Denmark’s Danske Bank in 2015 and 2017. The Federal Reserve further added that the German bank must resolve issues and strengthenitsdata and risk management.
As per a Moneycontrol report, the finecameafter Deutsche Bank disbursed about $630 million in 2017 to terminate investigations by the US and the UK concerning Russian equity traders.In the same year, the German lender was also charged $41 million for non-compliance with anti-money laundering activities.
Deutsche Bank stated that it was “positioned to meet regulator’s expectations” and that the bank would resolve the issues in the near future.
As per a Reuters report, the Joe Biden’s government has promised to restrict the recurring corporate offenders and illegal funds in the US financial system. The new fine poses a significant challenge to Stefan Simon, who took over Deutsche Bank'sUS operations this year.
The German lender has consistently been struggling to maintain firm ties with US and European regulators. German and US regulators are investigatingthe lender over deceptive marketing claims at the management firm DWS, a sister organisation.
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In 2021, the bank paid $125 million in an attempt to avoid suit on allegations for involvement in foreign bribery schemes and collusion of the precious metals market. Additionally, Deutsche also paid $75 million to resolve a charge concerning sex trafficking and women being abused by the late financer Jeffery Epstein. Inthe same year, thebank settled to pay $200 million to the US Securities and Exchange Commission due to electronic record-keeping failures.
(With inputsfrom Reuters)