Deutsche Bank AG to pay $41M penalty for AML deficiencies
The Federal Reserve Board has issued an Order to Cease and Desist and Order of Assessment of a $41 million civil money penalty against the U.S. operations of Deutsche Bank AG for anti-money laundering deficiencies. The Board identified failures by Deutsche Bank's U.S. banking operations to maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws. The consent order requires Deutsche Bank to improve its senior management oversight and controls related to compliance by the U.S. banking operations with anti-money laundering laws. Specifically, the order was issued against DB USA Corporation, the German Bank's U.S. bank holding company, which controls Deutsche Bank AG's New York Branch, Deutsche Bank Trust Company Americas (DBTCA) and various other subsidiaries.