Deutsche Bank was fined $186 million in the United States for not correcting deficiencies in controlling money laundering quickly enough. The US Federal Reserve has come to the conclusion that Bayt al-Mal has not sufficiently fulfilled its obligations undertaken in 2015 and 2017. Deutsche Bank is paying the equivalent of 166 million euros without admitting any wrongdoing. It is designed to meet some of the priority requirements of previous agreements.
Deutsche Bank logo on a building in Frankfurt.Photo: Cornerstone
The case stems from business relations with the Estonian branch of Danske Bank, which ended in 2015. Suspicious transactions are said to have been carried out on a large scale across Danske Estonia. In recent years, Deutsche Bank has paid high fines for various allegations, in 2017 alone it was about $630 million in a case about billions from Russia, which were said to have flowed out of the country to circumvent money laundering regulations.
In a statement released Wednesday night, Deutsche Bank welcomed the Fed’s acknowledgment of progress in correcting weaknesses in controls. There are significant improvements in customer verification and transaction monitoring. We see ourselves in a good position to meet the expectations of the supervisory authorities. The fine imposed is largely covered by provisions from previous quarters. (saw / sda / awp / dpa)
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