2023-07-19 22:00:47
Federal Reserve Board announced enforcement action once morest Deutsche Bank AG
The Federal Reserve Board on Wednesday announced two enforcement actions once morest Deutsche Bank AG, its New York branch and other US subsidiaries.
First, the Board issued a consent order and $186 million fine for unsafe and unsanitary practices as well as violations of the Board’s 2015 and 2017 consent orders with Deutsche Bank regarding sanctions compliance and anti-money laundering controls.
The Board found that Deutsche Bank had not made sufficient remediation progress under the 2015 and 2017 consent orders. It also had insufficient internal anti-money laundering controls and processes. related to its previous relationship with the Estonian branch of Danske Bank.
This Consent Order requires Deutsche Bank to prioritize the completion of several essential requirements of previous Board Orders.
In addition, the Board announced a written agreement to address other general deficiencies in Deutsche Bank’s governance, risk management and controls.
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Attachment 1 (PDF)
Attachment 2 (PDF)
Last update: July 19, 2023
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