New York’s state Department of Financial Services has fined Deutsche Bank $150 million for what it says is negligence in its dealings with the late financier and registered sex offender Jeffrey Epstein.
The bank, which has agreed to the penalty, “failed to properly monitor account activity conducted on behalf of the registered sex offender despite ample information that was publicly available concerning the circumstances surrounding Mr. Epstein’s earlier criminal misconduct.”
The department said Deutsche Bank processed millions of dollars in transactions that “at the very least, should have prompted additional scrutiny in light of Mr. Epstein’s history,” including payments to people alleged to have sexually abused minors with Epstein, as well as millions in settlements and payments to law firms “for what appear to have been the legal expenses of Mr. Epstein and his co-conspirators.”
The bank also failed to flag regular cash withdrawals that totaled over $800,000 over a four-year period, according to the department.
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New York regulators fine Deutsche Bank $150 million for relationship with Epstein, others https://t.co/62X5LcT8Eb pic.twitter.com/08tHZlcQaW
— The Hill (@thehill) July 7, 2020
DB is for people who don't want to be totally obviously shady like using a Cyprus mini-mall bank where the internal memos are written in Russian. https://t.co/hU7TXm2n7Y
— John Schindler (@20committee) July 7, 2020
You know, I'm starting to get the feeling that DB isn't entirely on the up-and-up here.https://t.co/i9TrKTWuav
— John Schindler (@20committee) July 7, 2020
"You have reached Deutsche Bank. Press 1 for account balances. Press 2 for the money-laundering division…"https://t.co/HKVwAEQxcz
— John Schindler (@20committee) July 7, 2020
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