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July 7, 2020

Posted  July 7, 2020

Deutsche Bank AG and Deutsche Bank Trust Company America will pay a $150 million penalty to New York in a settlement with the State’s Department of Financial Services resolving charges that the bank failed to adequately monitor the activity of its customer Jeffrey Epstein and failed to adequately monitor its international corresponding banking relationships with Danske Bank Estonia and FBME Bank.  In the case of Epstein, Deutsche Bank processed hundreds of transactions totaling millions of dollars that allegedly should have prompted additional scrutiny.  In the case of Danske Bank and FBME, Deutsche Bank was alleged to have been put on notice that those foreign banks were engaged in money laundering but, despite assigning the highest risk ratings to those institutions, failed to take appropriate actions to prevent the processing of suspicious transactions by those banks through Deutsche Bank accounts.  NY

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Money Laundering,

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