Fed fines Deutsche Bank $41M over money laundering controls

AP News
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Posted: May 30, 2017 6:21 PM

WASHINGTON (AP) — The Federal Reserve has fined Germany's largest bank $41 million for failure to maintain controls against money laundering in its U.S. operations.

The U.S. regulators announced the penalty against Deutsche Bank on Tuesday, citing "unsafe and unsound practices." The global bank also agreed to an order requiring it to improve oversight by senior management in complying with anti-money-laundering laws in the U.S. operations.

The action follows $629 million in penalties levied against Deutsche Bank in January by New York state and British regulators for lapses in controls that allowed wealthy Russians to allegedly launder about $10 billion in illicit funds through the bank.