NY fines Deutsche Bank $150M over Epstein links

Tuesday, 07. July 2020 16:26

Deutsche Bank AG's New York branch and Deutsche Bank Trust Company America have been fined $150 million by the New York State Department of Financial Services (DFS) over their "significant compliance failures" in their relationship with the now-dead registered sex offender and accused child sex trafficker Jeffrey Epstein.

"In each of the cases that are being resolved today, Deutsche Bank failed to adequately monitor the activity of customers that the Bank itself deemed to be high risk. In the case of Jeffrey Epstein in particular, despite knowing Mr. Epstein's terrible criminal history, the Bank inexcusably failed to detect or prevent millions of dollars of suspicious transactions," Superintendent of Financial Services Linda A. Lacewell said in a statement on Tuesday.

Epstein, reportedly a former friend of United States Presidents Bill Clinton and Donald Trump, died by suicide in jail in August 2019 after being criminally charged with child sex trafficking.

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Breaking the News / MS