Deutsche Bank fined USD 41 mn for money laundering violations-The Total Investment & Insurance Solutions

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31 May 2017

The US Federal Reserve has announced a penalty of USD 41 million on the US operations of Deutsche Bank for its deficiencies in anti-money laundering program.

"The (Federal Reserve) Board identified failures by Deutsche Bank's US banking operations to maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws," said the Fed in a statement on Tuesday, Xinhua news agency reported.

The central bank also issued a cease and desist order against the German bank, which requires the bank to improve its senior management oversight and controls related to its compliance with anti-money laundering laws. The Total Investment & Insurance Solutions

The German bank was fined a total of $156.6 million in April by the Fed for its deficiencies in its foreign exchange trading and its failure to keep a compliance program with the Volcker rule. The Total Investment & Insurance Solutions