Deutsche Bank, meanwhile, has long been a lender to the Trump Organization, making it the subject of scrutiny from congressional Democrats and the New York Attorney General. And recently, he agreed to pay $75 million to settle allegations that he enabled a sex trafficking ring run by disgraced investor Jeffrey Epstein.
The fine addresses Danske Bank’s Estonian branch, which has been embroiled in a widespread money laundering scandal. In the Fed’s consent order, Deutsche Bank said it had liquidated $267 billion in transactions with Danske by the time it ended the relationship in 2015, a significant portion of which involved clients deemed “high-risk.”
The Fed said the bank could face additional fines unless it makes significant progress in implementing financial regulation.
and statement “We are committed to maintaining a robust risk management program, with a particular focus on financial crime and compliance controls,” Deutsche Bank said in a statement on its website.
The statement said that since 2019, Germany has implemented a “significant increase” in due diligence and transaction surveillance and expanded its crime-fighting team by more than 25%, bringing the total number of employees to more than 2,000. “Given the momentum we have built over the past two years, we believe we are well positioned to meet regulatory expectations,” the statement said.