Deutsche Bank to pay $258mn in settlement
Deutsche Bank will pay $258 million and fire six employees to resolve investigations by state and federal banking regulators into its dealings with countries like Iran and Syria in violation of United States sanctions laws.
Deutsche Bank, a German banking giant that has a big presence on Wall Street, will pay $200 million to the New York State Department of Financial Services and another $58 million to the Federal Reserve. It also agreed to appoint an independent monitor, the New York Times has reported.
It is the latest in a string of settlements over sanctions violations as regulators take aim at banks for doing business with blacklisted countries. Still, a criminal investigation by the Manhattan district attorney and the United States attorney’s office in Manhattan are continuing, people briefed on the matter said.
In a statement, Deutsche Bank said: “We are pleased to have reached a resolution with the New York Department of Financial Services and the Federal Reserve. The conduct ceased several years ago, and since then we have terminated all business with parties from the countries involved.”
The activity under investigation occurred from 1999 to 2006, according to regulators. Deutsche Bank handled 27,200 dollar-clearing transactions valued at over $10.86 billion, for customers in Iran, Libya, Syria, Myanmar and Sudan.
Regulators said bank employees developed ways to hide the nature of the transactions from internal controls intended to flag problematic payments.
Several of the employees involved in the conduct have already left Deutsche Bank, regulators said Wednesday, but an additional six will be fired and three others will be banned from duties involving Deutsche Bank’s American operations.
Investigations and settlements of cases involving violations of United States sanctions are nearing their end just as Washington is easing its stance toward some foreign countries like Iran and Cuba.
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