Deutsche Bank will pay a $US150 million fine for allowing Epstein to make payments to Russian models and withdraw suspicious amounts of cash during his five years as a client.
The first fine against a bank for its dealings with registered sex offender Jeffrey Epstein has been laid.The convicted sex offender had more than 40 accounts with the bankDeutsche Bank will pay a $US150 million fine for allowing Epstein to make payments to Russian models and withdraw suspicious amounts of cash during five years as a client.
New York found "significant compliance failures" in Deutsche Bank's dealings with Epstein, who the bank had considered "high-risk"., including his 2007 guilty plea to prostitution charges, yet ignored these "red flags" and processed hundreds of transactions "obviously implicated" by his past. Emails revealed Deutsche Bank weighed the risks of retaining Epstein as a client but put them aside, enticed by the millions of dollars in annual revenue he might generate.
The bank also chose in 2017 not to scrutinise payments to a Russian model and a Russian publicity agent. This created a risk that payments could be used to "further or cover up criminal activity and perhaps even to endanger more young women", the New York settlement revealed.
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