United States:
FRB Fines Bank For AML Compliance Violations
12 June 2017
Cadwalader, Wickersham & Taft LLP
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The Board of Governors of the Federal Reserve System
("FRB") imposed a $41 million fine on Deutsche Bank AG
and its U.S. operations (collectively, "Deutsche") for
anti-money laundering ("AML") and
Bank Secrecy Act compliance violations. The violations involved
the failure by Deutsche's U.S. operations to adequately monitor
suspicious transactions processed between 2011 and 2015 for certain
of Deutsche's European affiliates. The FRB Order also requires Deutsche to make
changes to its systems for compliance oversight and risk
management.
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