Deutsche Bank has agreed to pay a $41m penalty to the US Federal Reserve to settle allegations for lapses in money laundering controls and failure to comply with the Bank Secrecy Act.
The regulator alleged that the bank’s US unit had “unsafe and unsound” practices that led to improper assessment of billions of dollars in potential suspicious transactions between 2011 and 2015.
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The watchdog imposed a consent cease and desist order against the bank for its inefficiencies and directed the bank to improve its senior management oversight and controls.
“We are committed to implementing every remediation measure referenced in the Fed’s order and to meeting their expectations,” a Deutsche Bank spokesperson said.
The latest fine comes shortly after another fine of $156.6m imposed on Deutsche Bank for breaching foreign exchange norms and failing to comply with the Volcker Rule. Earlier this year, the German banking group was also fined $630m over money laundering allegations.
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