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Deutsche Bank has to pay €13.5 million fine for Danske-related AML deficiencies

Chris Hamblin, Editor, London, 19 October 2020

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The Frankfurt Public Prosecutor's Office has levied a fine on Deutsche Bank for failing to send off more than 600 suspicious transaction reports to the authorities regarding Danske Bank Estonia, for which it processed payments.

The prosecutors have also closed their criminal investigation of people at Deutsche Bank because of lack of evidence. They have done so in accordance with section 170(2) German Code of Criminal Procedure. A Deutsche Bank spokesman declined to comment.

Had the investigation found evidence of wrongdoing, the prosecutor's office would have charged various Deutsche Bank managers with aiding and abetting money laundering.

Stefan Simon, member of the Management Board of Deutsche Bank, said in a press release: “The investigations by the Frankfurt Public Prosecutor's Office are now closed. With the closure of these proceedings it is clear that there was no evidence of criminal misconduct either on the part of Deutsche Bank or its employees.”

The suspicious transaction reports in question are from the period 2010-15, at the end of which Deutsche Bank ceased to be a correspondent bank for Danske Bank Estonia.

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