The United States is fining Deutsche Bank approximately $186 million for failing to address money laundering concerns, the US Federal Reserve Board of Governors said in a statement on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 19th July, 2023) The United States is fining Deutsche Bank approximately $186 million for failing to address money laundering concerns, the US Federal Reserve Board of Governors said in a statement on Wednesday.
"First, the Board issued a consent order and a $186 million fine based on unsafe and unsound practices and violations of the Board's 2015 and 2017 consent orders with Deutsche Bank relating to sanctions compliance and anti-money laundering controls," the statement said.
The Fed Board of Governors found that Deutsche Bank made insufficient progress under the consent orders and had deficient anti-money laundering internal controls, the statement also said.
The fine includes a penalty of $140.1 million in connection with violations of the orders, as well as a $46.2 million penalty related to governance practices involving Deutsche Bank's relationship with Danske Bank's Estonia branch, the statement added.
The Board of Governors separately released a written agreement with Deutsche Bank to prioritize completion of several critical requirements of prior orders, according to the statement.
