'To truly deter future wrongdoing, it is important to focus not just on corporate accountability, but also individual accountability'.
Deutsche Bank will pay $258m and fire six employees to resolve a probe into sanctions violations from 1999 to 2006 after a string of e-mails showed employees discussed the 'tricks' used to move money in and out of Iran, Libya, Syria, Burma and Sudan.
Bloomberg News reports that the settlement was announced Wednesday by the Federal Reserve and New York’s Department of Financial Services.
The deal shows how authorities combed through the bank’s internal messages and singled out bad actors to broker a deal. They also show how the bank’s European arm kept U.S. staff in the dark, and some employees even told customers they were skirting U.S. law, according to a statement by Anthony Albanese, the acting superintendent of the DFS.
'We are pleased that Deutsche Bank worked with us to resolve this matter and take action against individual employees who engaged in misconduct', Albanese said. 'To truly deter future wrongdoing, it is important to focus not just on corporate accountability, but also individual accountability'.
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