The Federal Reserve Board (Fed) fined Deutsche Bank $41 million for what it called “unsafe and unsound” anti-money laundering practices.
The Fed 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.
U.S. Rep. Maxine Waters (D-CA) called for further investigations into Deutsche Bank.
“In light of this, I once again call on Deutsche Bank to provide details of the internal reviews it reportedly conducted of its 2011 Russian money-laundering scheme and its due diligence of President Trump and his immediate family,” Waters said. “I also reiterate my call for Chairman Hensarling to exercise his leadership by using the Committee’s full range of investigative powers to determine the nature and scope of Deutsche Bank’s failure to comply with U.S. law.”
Last week, Waters, ranking member of the Financial Service Committee, along with other committee Democrats wrote to Deutsche Bank CEO John Cryan requesting information on two internal reviews the bank reportedly conducted. The first report covered its 2011 Russian mirror trading scandal, and the second on whether the accounts of President Donald Trump and his family members held at the bank had any ties to Russia. They requested the information be delivered by June 2.
They also wrote to Financial Service Committee Chairman Jeb Hensarling (R-TX) to ask the committee to examine Deutsche Bank’s Russian money-laundering operation, and assess the integrity of the U.S. Department of Justice’s ongoing investigation.