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Correspondent Failures Cost Deutsche Bank, Again

By Gabriel Vedrenne

Less than two years removed from having to fork out €13.5 million for flagging suspicious activity at Danske Bank too late, Deutsche Bank agreed Thursday to pay German prosecutors another €7 million for similar failures tied to Jyske Bank, the lender's client in Denmark. Deutsche Bank, Germany's largest lender by assets, submitted two suspicious activity reports on hundreds of payments past deadline, according to Thursday's settlement, which ends a long-running investigation that peaked in April with federal police raiding the company's headquarters in Frankfurt alongside specialists from BaFin, the country's primary anti-money laundering supervisor. "The administrative penalty notice contains the allegations...

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