Deutsche Bank fined $150 million over links with Jeffrey Epstein

WION Web Team
New Delhi, Delhi, India Published: Jul 09, 2020, 03.41 PM(IST)

File photo (Courtesy: AFP and Reuters) Photograph:( Others )

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The settlement on Tuesday with the New York State Department of Financial Services (DFS) is the first such action against a financial institution for its relations with Epstein

A fine of a $150 million fine was imposed on Deutsche Bank by a New York regulator for letting disgraced financier Jeffrey Epstein make payments to Russian models and withdraw "suspicious" amounts of money. 

The settlement on Tuesday with the New York State Department of Financial Services (DFS) is the first such action against a financial institution for its relations with Epstein. 

Also read | Jeffrey Epstein's ex-girlfriend and confidant Ghislaine Maxwell charged and arrested

"For years, Mr. Epstein's criminal, abusive behavior was widely known, yet big institutions continued to excuse that history and lend their credibility or services for financial gain," New York Governor Andrew Cuomo, in a statement, said, reported Reuters. 

Also read | Jeffrey Epstein's first apparent suicide video deleted

The bank "failed to adequately monitor the activity of customers that the bank itself deemed to be high risk," DFS, in a statement, said, reported DW.  

Superintendent of Financial Services Linda Lacewell said despite knowing Epstein's "terrible criminal history", Deutsche Bank "inexcusably" failed to prevent or detect millions of dollars worth "suspicious transactions". 

The transactions approved by Deutsche Bank, included payments to Russian models and women who have Eastern European surnames, victims, alleged co-conspirators, and "suspicious" cash withdrawals averaging $200,000 annually.

Epstein was a customer of the German bank from August 2013 to December 2018 and their ties ended following the scandals related to him picked up pace. 

Two Deutsche Bank employees visited the disgraced financier in 2015 and inquired about the new allegations of sex with minor girls, as per a consent order.

However, they seemed "satisfied" with Epstein's response and did not do anything to verify the accusations, it further said. 
 

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