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Deutsche Bank to Pay $258M to Settle US Sanctions Violations
Source: Associated Press
Deutsche Bank to Pay $258M to Settle US Sanctions Violations
By MICHAEL VIRTANEN, ASSOCIATED PRESS ALBANY, N.Y. — Nov 4, 2015, 2:15 PM ET
Deutsche Bank has agreed to pay $258 million to settle legal problems stemming from U.S. sanctions violations, New York regulators said Wednesday.
Under the settlement, Deutsche Bank will dismiss six people, ban three others from duties involving U.S. operations and install an independent monitor, according to New York's Department of Financial Services. The six are two managing directors, two directors and two vice presidents.
It will pay $200 million to the department and $58 million to the Federal Reserve.
"We are committed to investigating and pursuing sanctions violations and money laundering at financial institutions," department Superintendent Anthony Albanese said. "To truly deter future wrongdoing, it is important to focus not just on corporate accountability, but also individual accountability."
The German bank processed nearly $11 billion in payments through its New York branch between 1999 and 2006 on behalf of Sudanese, Iranian, Burmese, Libyan and Syrian entities, the department said. Staff overseas removed some identifying information before passing U.S. dollar payments along to the U.S. branch for clearing, according to investigators.
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By MICHAEL VIRTANEN, ASSOCIATED PRESS ALBANY, N.Y. — Nov 4, 2015, 2:15 PM ET
Deutsche Bank has agreed to pay $258 million to settle legal problems stemming from U.S. sanctions violations, New York regulators said Wednesday.
Under the settlement, Deutsche Bank will dismiss six people, ban three others from duties involving U.S. operations and install an independent monitor, according to New York's Department of Financial Services. The six are two managing directors, two directors and two vice presidents.
It will pay $200 million to the department and $58 million to the Federal Reserve.
"We are committed to investigating and pursuing sanctions violations and money laundering at financial institutions," department Superintendent Anthony Albanese said. "To truly deter future wrongdoing, it is important to focus not just on corporate accountability, but also individual accountability."
The German bank processed nearly $11 billion in payments through its New York branch between 1999 and 2006 on behalf of Sudanese, Iranian, Burmese, Libyan and Syrian entities, the department said. Staff overseas removed some identifying information before passing U.S. dollar payments along to the U.S. branch for clearing, according to investigators.
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Read more: http://abcnews.go.com/US/wireStory/deutsche-bank-pay-258m-settle-us-sanctions-violations-34969699
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