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Deutsche Bank must pay $186 million in the United States because Germany’s largest bank failed to take sufficient steps to improve money laundering oversight. The fine was imposed after an investigation by the US central bank.
PA
July 19, 2023
In a statement, the Federal Reserve spoke of “dangerous and unhealthy” banking practices within the American subsidiary of Deutsche Bank. Deutsche Bank’s relationship with a subsidiary of Danske Bank in Estonia was also mentioned. A lot of money has been laundered by foreign criminals through this branch of Danske Bank. Deutsche Bank had “deficient internal anti-money laundering controls and governance processes” in its relationship with Danske Bank, the Fed said.
According to the Fed, Deutsche Bank has shown some improvement in monitoring money laundering, but the level of risk remains high. The bank now says it will take further action. Deutsche Bank has already hired many additional employees to better oversee financial transactions. Deutsche Bank has often been fined in the United States for malpractice and scandals.
Dutch banks have also received heavy fines for negligence in money laundering checks. In 2018, ING had reached an agreement with OM for 775 million euros for “serious misconduct”. ABN AMRO had to pay a fine of 480 million euros as part of a settlement in 2021.
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