Deutsche Bank Settles OFAC Violations with $258 Million Payment, Monitor and Termination of Employees

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Friday, November 13, 2015
Author: 
Bruce Zagaris
Volume: 
31
Issue: 
11
Abstract: 
On November 4, 2015, the New York State Department of Financial Services (NYDFS) and the U.S. Department of the Treasury entered into a settlement agreement with Deutsche Bank. Deutsche Bank agreed to pay an overall $258 million penalty, including $200 million to the NYDFS and $58 million to the Federal Reserve.  Deutsche Bank (DB) agreed to have NYDFS appoint an independent monitor for one year and to fire six employees the NYDFS has said were involved in the misconduct.