The EU’s third largest bank Deutsche Bank has been fined by US authorities in the amount of 150 million US dollars (133 million euros) for its failure to avoid high-risk dealings with Danske Bank Estonia among others.
On Tuesday, July 7, Superintendent of Financial Services of the US New York Department of Financial Services, Linda A. Lacewell, stated the following: Deutsche Bank AG, its New York branch, and Deutsche Bank Trust Company America have agreed to pay USD 150 million in penalties as part of a Consent Order entered into with the New York State Department of Financial Services for significant compliance failures in connection with the Bank’s relationship with late, criminally convicted American financier Jeffrey Epstein and correspondent banking relationships with Danish Danske Bank Estonia and Tanzanian FBME Bank.
“In each of the cases that are being resolved today, Deutsche Bank failed to adequately monitor the activity of customers that the Bank itself deemed to be high risk,”commented Lacewell.
ERR reports that Danske Bank was ordered to close its Estonia branch late in 2019 after it emerged that over EUR 230 billion in potentially illicit funds had passed through its portals in the period from 2007 to 2015.
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