Deutsche Bank, its New York branch, and Deutsche Bank Trust Company America have agreed to pay $150 million in penalties under a consent order with the New York State Department of Financial Services for “significant compliance failures” regarding three separate matters: its former relationship with accused child sex trafficker Jeffrey Epstein, and its correspondent-banking relationships with Danske Bank Estonia and the Federal Bank of the Middle East.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...