Reported by Federal Reserve

The Federal Reserve imposed a $186 million fine on Deutsche Bank on Wednesday, saying it moved too slowly to fix problems with the bank’s money-laundering controls that the bank regulator flagged in 2015 and 2017.

In fining the bank, the Fed issued a new order that requires Deutsche “to prioritize completion” of the controls it was supposed to have put in place under the earlier orders.

The central bank said the action was necessary because while the bank had made some progress in putting better controls in place, it remained “exposed to heightened levels of compliance risk” when it came to detecting money laundering or violations of U.S. sanctions.

Read Federal Reserve Cease and Desist filing: https://www.federalreserve.gov/newsevents/pressreleases/files/enf20230719a1.pdf

Read The New York Times report: https://www.nytimes.com/2023/07/19/business/federal-reserve-deutsche-bank-fine.html