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Tue Jul 7, 2020, 06:53 PM

Deutsche Bank hit with $150 million penalty for relationship to sex offender Jeffrey Epstein

(CNBC) New York state financial regulators said Tuesday that they have slapped Deutsche Bank with a $150 million penalty “for significant compliance failures” in the bank’s dealings with accused child sex trafficker Jeffrey Epstein, a now-dead investor, as well as with two client banks.

The New York State Department of Financial Services said that Deutsche Bank, which agreed to the payment under a consent order, “failed to properly monitor account activity conducted on behalf of the registered sex offender despite ample” public information about Mr. Epstein’s earlier criminal misconduct.

The big settlement comes days after Epstein’s alleged procurer, Ghislaine Maxwell, was arrested on federal charges that accuse her of helping him get access to and groom underage girls so he could sexually abuse them.

The state said it was the first enforcement action by a regulator against a financial institution for dealings with Epstein.

The consent order covers Deutsche Bank’s relationship with Epstein, and correspondent banking relationships with Danske Bank Estonia and FBME Bank.


Epstein, 66, died last August in a federal jail in Manhattan from what authorities ruled was a suicide by hanging after being denied bail in his criminal case, where he was charged with child sex trafficking and conspiracy to commit child sex trafficking.

The multimillionaire investor was a former friend of Presidents Donald Trump and Bill Clinton, as well as of Britain’s Prince Andrew.

Deutsche Bank has reportedly loaned more than $2.5 billion to projects run by Trump’s company, the Trump Organization. The Supreme Court currently is considering arguments in case in which Trump has sued to block two House of Representatives Committees from getting financial records related to the president and related entities from Deutsche Bank pursuant to a subpoena. (Read More)


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