ICYMI: Deutsche Bank was recently fined $186 million by the US Federal Reserve for "a material failure" to fix "unsafe and unsound banking practices." The Fed criticized the bank for its inadequate controls on sanctions compliance, transaction monitoring, and money-laundering checks.
This fine marks the continuation of struggles faced by Christian Sewing, the bank's CEO, to address control shortcomings and fulfill promises made as far back as 2015. The bank had previously been fined $99 million by the Fed in 2015 and 2017 for similar issues. Despite having made commitments to address the problems, the Fed found that Deutsche Bank had "made insufficient progress in remediation efforts."
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