Deutsche Bank fined $186 million for financial irregularities

The US Federal Reserve has fined Germany’s largest financial institution Deutsche Bank $186 million for financial irregularities.

The fine was imposed for “unsafe banking operations” and failure to comply with previously agreed measures regarding “anti-money laundering”. Fed officials found that Deutsche Bank Bank failed to take sufficient action to correct some of the problems.

Bank officials said they have “significantly improved transaction monitoring and invested heavily in controls since 2019, increasing the size of the financial crime team by 25% to more than 2,000 employees.”

In 2015 and 2017, Deutsche Bank was fined $99 million for similar violations.

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