POST Online Media Lite Edition



 

Fed announces $41m penalty and cease and desist order against Deutsche Bank

Staff Writer |
The Federal Reserve Board announced a $41 million penalty and consent cease and desist order against the U.S. operations of Deutsche Bank AG for anti-money laundering deficiencies.

Article continues below






The actions were taken by the Board to address unsafe and unsound practices at the firm's domestic banking operations.

The Board identified failures by Deutsche Bank's U.S. banking operations to maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws.

The consent order requires Deutsche Bank to improve its senior management oversight and controls related to compliance by the U.S. banking operations with anti-money laundering laws.


What to read next

Exxon owes $19.95 million for Texas refinery pollution
Gambling firm 888 to pay over £7.8million for failing vulnerable customers
Full Federal Court orders $20.6 million penalties against Cement Australia companies