The Federal Reserve said Wednesday it has fined Deutsche Bank $186 million for falling short in its efforts to prevent money laundering and has reached an agreement with the bank to improve its oversight.
The enforcement action was the latest regulatory sanction of against Bank related to money laundering and sanctions compliance.
In 2017, the Fed sanctioned the bank with a $41 million fine and the New York Department of Financial Services levied a $425 million penalty related to Russian equity trades that transferred $10 billion out of that country.
Deutsche Bank, a German bank with a large Wall Street presence, has invested heavily in improving its compliance systems but was told by the Fed in 2021 that it was backsliding.
The Fed on Wednesday said it found Deutsche Bank had “made insufficient remedial progress” under a pair of consent orders issued in 2015 and 2017. The bank also “had deficient anti-money laundering internal controls and governance processes relating to its prior relationship with the Estonian branch of Danske Bank,” the Fed says
JEFFREY NEWMAN IS A WHISTLEBLOWER LAWYER WHO HANDLES SEC AND CFTC WHISTLEBLOWER CASES AND HE CAN BE REACHED AT 617-823-3217 OR AT JEFF@JEFFNEWMANLAW.COM
