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Deutsche Bank to Pay $258 Million for Sanctions Violations

Jaclyn Jaeger | November 4, 2015

Deutsche Bank today reached a $258 million settlement with the New York State Department of Financial Services and the Federal Reserve regarding transactions with countries and entities subject to U.S. sanctions, including Iran, Libya, Syria, Burma, and Sudan.

Deutsche Bank will pay includes $200 million to the New York State Department of Financial Services (NYDFS) and $58 million to the Federal Reserve. As part of the settlement, the bank also has agreed to install an independent monitor.

Additionally, while several of the employees who were centrally involved in this misconduct no longer work at the bank, Deutsche Bank will terminate an additional six employees involved in the scheme and ban three other employees from any duties involving the firm’s U.S. operations.

“From at least 1999 through 2006, Deutsche Bank used non-transparent methods and practices to conduct more than 27,200 U.S. dollar...

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