Bloomberg News reports that the bank’s U.S. operations fell short in complying with the Bank Secrecy Act, which requires lenders to help federal agencies prevent illegal transactions, the Fed said in a brief Tuesday statement.
The regulator imposed a cease-and-desist order on Deutsche Bank that requires it to address “unsafe and unsound practices.” The bank also agreed to improve its controls and boost oversight of senior management.
“We are committed to implementing every remediation measure referenced in the Fed’s order and to meeting their expectations,” Deutsche Bank said in an emailed statement.
Deutsche Bank’s insufficient monitoring involved billions of dollars in “potentially suspicious transactions” that were processed between 2011 and 2015, the Fed said. The transactions involved affiliates in Europe that failed to provide “accurate and complete information,” the regulator said.
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