Fed fines Deutsche Bank $41 million over anti-money laundering failures

The Federal Reserve announced on Tuesday that it had fined Deutsche Bank AG $41 million for failing to ensure its systems would detect money laundering regulations and it said the lender agreed to increase its controls.

The New York Fed said there were billions of dollars in potentially suspicious transactions processed between 2011 and 2015 that were not properly scrutinized.

On Tuesday afternoon, a Deutsche Bank spokesman said: “We are committed to implementing every remediation measure referenced in the Fed’s order and to meeting their expectations.”

While the New York Fed office handles examinations, the central bank chiefs in Washington decide on enforcement actions.

Source: Reuters and MarketWatch