Deutsche Bank Fined For Money Laundering Control Failures: Federal Reserve Slaps Penalty Of $186M
Portfolio Pulse from Vandana Singh
The Federal Reserve has fined Deutsche Bank (NYSE:DB) and its U.S. affiliates $186 million due to their failure to adequately address issues related to money laundering controls and other deficiencies. This new penalty adds to the challenges faced by the German bank that has struggled to establish a solid footing with regulators in Europe and the U.S. The bank was also ordered to improve its risk and data management practices.
July 20, 2023 | 1:29 pm
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Deutsche Bank has been fined $186 million by the Federal Reserve for failing to address issues related to money laundering controls. This could potentially impact the bank's reputation and financial stability.
The fine imposed by the Federal Reserve is a significant amount and could impact Deutsche Bank's financial stability. Additionally, the ongoing regulatory issues could harm the bank's reputation, potentially affecting investor confidence and the bank's stock price.
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