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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsDeutsche Bank hit with $150M penalty for relationship to sex criminal Epstein
Barbara Malmet@B52Malmet·4h
Deutsche Bank hit with $150M penalty for relationship to sex criminal Epstein. Now do Trump.
Deutsche Bank hit with $150M penalty for relationship to sex criminal Epstein. Now do Trump.
Link to tweet
https://www.cnbc.com/2020/07/07/jeffrey-epstein-case-deutsche-bank-fined-150-million-penalty-for-relationship.html
New York state financial regulators said Tuesday that they have slapped Deutsche Bank with a $150 million penalty for significant compliance failures in the banks 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. Epsteins earlier criminal misconduct.
The big settlement comes days after Epsteins 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 Banks relationship with Epstein, and correspondent banking relationships with Danske Bank Estonia and FBME Bank.
Download Deutsche Banks full editorial file here.
Deutsche Bank maintained a relationship Epstein, as well as with related individuals and entities from August 2013 until December 2018, when the bank ended its dealings with him after the Miami Herald published a series of stories about a federal nonprosecution deal that Epstein obtained in 2008 in Florida. Over time, the German company handled more than 40 accounts related to Epstein and related people and entities.
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Deutsche Bank hit with $150M penalty for relationship to sex criminal Epstein (Original Post)
iluvtennis
Jul 2020
OP
I'm confused ... what does his being a registered sex offender have to do with his banking?
mr_lebowski
Jul 2020
#1
mr_lebowski
(33,643 posts)1. I'm confused ... what does his being a registered sex offender have to do with his banking?
Are banks somehow legally obliged to treat the finances of RSO's different from those of other people?
The headline and clipped part of the article seem to suggest that, which seems odd to me.
Sneederbunk
(14,319 posts)2. Why is Deutche Bank allowed to do business in the US?