2023-07-19 17:09:00
The bank has yet to address deficiencies identified in 2015 and 2017 and has insufficient controls over its past business relationship with Danske Bank’s Estonian subsidiary, the Fed said.
Deutsche Bank said it has taken a number of steps on the matter and the Fed has acknowledged the progress made over the past few years. A large part of the penalty imposed was covered by provisions made in previous quarters.
Danske Bank has been fined billions in one of the biggest money laundering scandals in US economic history. The Danish bank has admitted to defrauding US banks between 2008 and 2016. According to prosecutors, Danske’s Estonian office lured, among other things, Russian customers with the prospect of transferring large amounts of money without much supervision. About 212 billion dollars flowed from these customers through the US financial system via the branch in Estonia, which has since been closed. According to US authorities, Danske employees used shell companies to disguise ownership of funds.
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