July 19, 2023/US Federal Reserve
The Federal Reserve Board on Wednesday announced two enforcement actions against Deutsche Bank AG, its New York branch, and other U.S. affiliates.
First, the Board issued a consent order and a $186 million fine based on unsafe and unsound practices and violations of the Board’s 2015 and 2017 consent orders with Deutsche Bank relating to sanctions compliance and anti-money laundering controls. The Board found that Deutsche Bank made insufficient remedial progress under the 2015 and 2017 consent orders and had deficient anti-money laundering internal controls and governance processes relating to its prior relationship with the Estonian branch of Danske Bank. This consent order requires Deutsche Bank to prioritize completion of several critical requirements of the Board’s prior orders.
Separately, the Board announced a Written Agreement to address other general deficiencies relating to Deutsche Bank’s governance, risk management, and controls.
