Monitoring Desk: New York state financial regulators slapped Deutsche Bank with a $150 million penalty “for significant compliance failures” in the bank’s dealings with accused child sex trafficker Jeffrey Epstein.
The New York State Department of Financial Services said that Deutsche Bank “failed to properly monitor account activity conducted on behalf of the registered sex offender despite ample” public information about Mr. Epstein’s earlier criminal misconduct.
It is the first enforcement action by a regulator against a financial institution for dealings with Epstein.
Deutsche Bank maintained account of Epstein, as well as with “related individuals and entities from August 2013 until December 2018.” DB ended its dealings with him after the Miami Herald published a series of stories about a federal non-prosecution deal that Epstein obtained in 2008 in Florida. Over time, Deutsche Bank handled more than 40 accounts related to Epstein and related people and entitities.