Fed fines Deutsche Bank $186M over historic sanctions, AML lapses
By 
Kyle Brasseur2023-07-19T20:45:00
The Federal Reserve Board fined Deutsche Bank $186 million regarding violations of previous consent orders addressing alleged sanctions and anti-money laundering (AML) weaknesses and control failures relating to the bank’s relationship with Danske Bank’s Estonia branch.
The penalty, levied against Deutsche Bank, its New York branch, and other of its U.S. affiliates, is comprised of two parts. Deutsche Bank was fined more than $140 million regarding its alleged violations of the sanctions and AML orders and $46.2 million regarding its relationship with Danske Estonia, the Fed detailed in a consent order published Wednesday.
The Fed also announced a separate written agreement with Deutsche Bank, in which the bank consented to submit plans to enhance its governance, risk management, and controls.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefReport: Morgan Stanley AML controls draw Fed scrutiny
The wealth management arm of Morgan Stanley is being probed by the Federal Reserve regarding the controls it has in place to prevent wealthy foreign customers from laundering money, according to a report from the Wall Street Journal.
-
News BriefDeutsche Bank unit fined $25M in ESG, AML settlements
DWS Investment Management Americas agreed to pay $25 million in penalties across separate settlements with the Securities and Exchange Commission addressing alleged misstatements in environmental, social, and governance investments and anti-money laundering violations.
-
News BriefTD Bank expecting punishment in BSA/AML probes
TD Bank disclosed in a shareholder report it is facing regulatory investigations regarding its Bank Secrecy Act/anti-money laundering compliance program.
More from Regulatory Enforcement
-
News BriefFTC sues Uber over deceptive subscriptions, a rare move for consumers by Trump officials
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
-
News BriefCFPB pullback signals further shift toward industry-friendly regulation
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
-
News BriefTrump’s CFPB, dismissing Comerica case, continues to cut down Biden-era lawsuits
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.