Deutsche Bank to pay US$41m in latest fine

Washington

DEUTSCHE Bank AG agreed to pay US$41 million to settle Federal Reserve allegations that its US operations failed to maintain adequate protections against money laundering, the latest in a string of fines that have cost the German lender billions of dollars.

The Frankfurt-based bank's US operations fell short in complying with the Bank Secrecy Act, which requires lenders to help federal agencies prevent illegal transactions, the Fed said in a brief statement on Tuesday.