Federal Reserve Board announces $41 million penalty and consent cease and desist order against Deutsche Bank AG

Justice League

The Federal Reserve Board on Tuesday announced a $41 million penalty and consent cease and desist order against the U.S. operations of Deutsche Bank AG for anti-money laundering deficiencies.

The actions were taken by the Board to address unsafe and unsound practices at the firm’s domestic banking operations. The Board identified failures by Deutsche Bank’s U.S. banking operations to maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws.

Read on.

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