The Fed fines Deutsche Bank $186 million

The US Federal Reserve has fined Deutsche Bank and its US subsidiaries $186 million for failing to take appropriate anti-money laundering measures. The Fed said the bank had not yet addressed deficiencies identified in 2015 and 2017 and had insufficient controls over its prior business relationship with Danske Bank’s Estonia subsidiary.

Deutsche Bank said it has taken a number of steps on the matter and the Fed acknowledged the progress made over the past few years. Much of the penalty imposed was covered by judgments passed in previous quarters.