November 05, 2024 09:08 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region | US presidential election: Donald Trump ahead of Kamala Harris in swing states, poll survey predicts | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row
US Fed slaps $186 mn fine on Deutsche Bank over unsafe practices

US Fed slaps $186 mn fine on Deutsche Bank over unsafe practices

| @indiablooms | 20 Jul 2023, 01:00 am

The US Federal Reserve has imposed a fine of $186 million on German lender Deutsche Bank for violations related to sanctions and deemed "unsafe and unsound" banking practices at its US subsidiaries, AFP reported.

These fines, announced by the Fed on Wednesday, are part of a series of penalties imposed on the bank in recent years for breaching anti-money laundering regulations.

The Fed stated that the fine was levied on Deutsche Bank's New York branch due to insufficient progress in remedying the issues identified in the 2015 and 2017 consent orders concerning money laundering and sanctions violations.

The bank was also fined for inadequate anti-money laundering controls and governance processes in its dealings with Danske Bank's Estonian branch, through which it processed over $267 billion in transactions between 2007 and 2015, according to the Fed.

In addition to the recent fine, Deutsche Bank had previously paid nearly $630 million in 2017 to settle investigations conducted by the United States and the United Kingdom regarding Russian equity trades.

Furthermore, in the same year, the bank was fined an additional $41 million by the Federal Reserve for non-compliance with anti-money laundering practices.

Deutsche Bank has also been penalized for a host of other failures over the past few years.

Further, Deutsche Bank reached a settlement last year with the US Securities and Exchange Commission (SEC) in which it agreed to pay $200 million due to electronic record-keeping failures.

In July 2020, the bank agreed to a settlement of $150 million with the New York Department of Financial Services, resolving allegations of compliance failures related to its association with Jeffrey Epstein, the disgraced financier.

Additionally, in 2017, Deutsche Bank was fined $7.2 billion in the United States as a resolution to lawsuits stemming from its involvement in the "subprime" mortgage crisis, which played a significant role in the global financial crisis.

These various penalties highlight the bank's history of compliance failures and its legal and financial repercussions resulting from misconduct and inadequate practices.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.