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Deutsche Bank fined US$258m for violating US sanctions
Fed finds Deutsche hid US$10b of transactions involving Iran, Syria and other sanctioned entities
Published Thu, Nov 5, 2015 · 09:50 PM
Washington
GERMAN banking giant Deutsche Bank will pay US$258 million in fines for doing business with US-sanctioned entities and countries like Iran and Syria, US regulators said Wednesday.
"The firm did not have sufficient policies and procedures to ensure that activities conducted at its offices outside of the United States complied with US sanctions laws," said the Federal Reserve, which announced the penalties along with the New York State Department of Financial Services.
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