The Fed says it found that Deutsche Bank made “insufficient remedial progress” in fixing its anti-money laundering controls after initially flagging concerns with the bank back in 2015 and 2017.
It adds that Deutsche Bank “had deficient anti-money laundering internal controls and governance processes relating to its prior relationship with the Estonian branch of Danske Bank”.
Along with the fine, the Fed has also issued a new consent order against Deutsche Bank AG, its New York branch and other US affiliates that requires the firm to prioritise the completion of “several critical requirements” of the Fed’s previous orders. It adds failure to do so may require “additional and escalated formal actions” including additional penalties or corrective actions.
