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Deutsche fined for US violations

Deutsche Bank will pay $41 million to settle Federal Reserve allegations that its U.S. operations failed to maintain adequate protections against money laundering. The bank has been charged that its U.S. operations fell short in complying with the Bank Secrecy Act, which requires banks to help federal agencies prevent illegal transactions. The regulator imposed a cease-and-desist order on the bank that requires it to address unsafe and unsound practices. The bank also agreed to improve its controls and boost oversight of senior management. The bank’s insufficient monitoring involved billions of dollars in potentially suspicious transactions that were processed between 2011 and 2015, the Fed said. The transactions involved affiliates in Europe that failed to provide “accurate and complete information.

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