Deutsche Bank pays $186 million fine in US Wirecard lawsuit: letter from Marsalek sparks dispute in court

Deutsche Bank is fined $186 million in the United States for failing to correct deficiencies in its anti-money laundering controls quickly enough. The US Federal Reserve came to the conclusion that the money house had not sufficiently fulfilled the commitments made in 2015 and 2017. Deutsche Bank pays the equivalent of 166 million euros without admitting guilt. It is designed to meet some of the priority requirements of previous agreements.

The case stems from business relationships with the Estonian branch of Danske Bank, which ended in 2015. Dubious transactions were allegedly carried out on a large scale through Danske Estonia. In recent years, Deutsche Bank has paid hefty fines for several allegations, amounting to some $630 million in 2017 alone in a multi-billion dollar case from Russia, which allegedly flowed out of the country to evade money laundering regulations.

In a statement Wednesday evening, Deutsche Bank welcomed the Federal Reserve’s acknowledgment of progress in addressing weaknesses in its controls. There are significant improvements in customer checking and transaction monitoring. We see ourselves well positioned to meet regulatory expectations. The imposed fine is largely covered by provisions from previous quarters. (saw/sda/awp/dpa)