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The Fed said Wednesday that the fine was the result of “inadequate progress” by the New York branch of the largest German financial institution “in the context of its 2015 and 2017 approval decisions” in connection with money laundering and sanctions violations.
The Fed also fined Deutsche Bank for its ties to the scandal-ridden Estonian branch of Danske Bank, which it described as “unsafe and unhealthy”.
Deutsche Bank processed more than $267 billion in suspicious transactions for Danske Bank between 2007 and 2015, saying the Fed is subject to “weak internal controls and governance processes to combat money laundering.” It is said that around 200 billion euros of money laundered by Danske Bank Estonia during this period.
Deutsche Bank has been under pressure for years
Deutsche Bank has been under pressure in the US for years over money laundering scandals. In early 2017, the institute agreed to pay a total of $630 million to regulators in the US and UK for failing to investigate suspicious cash flows from Russia. That same year, the Federal Reserve fined another $41 million for failing to comply with anti-money laundering regulations.
Deutsche Bank also had to hold accountable for other questionable activities. In 2022, it agreed to pay $200 million to the U.S. Securities and Exchange Commission for shortcomings in electronic record keeping. In July 2020, he agreed to a $150 million settlement to settle a legal dispute over dealings with sex offender Jeffrey Epstein. (AFP)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
