On July 19, 2023, the Federal Reserve Board issued a consent order against Deutsche Bank AG, its New York branch, and other U.S. affiliates. The consent order requires Deutsche bank to pay a $186 million fine based on unsafe and unsound practices and violations of the Board's 2015 and 2017 consent orders with Deutsche Bank relating to sanctions compliance and anti-money laundering controls.
According to the FRB, Deutsche Bank made insufficient remedial progress under the 2015 and 2017 consent orders and had deficient anti-money laundering internal controls and governance processes relating to its prior relationship with the Estonian branch of Danske Bank. This consent order requires Deutsche Bank to prioritize completion of several critical requirements of the Board's prior orders.
Read the FRB’s release here.
The consent order can be found here.
