Additionally, Deutsche Bank said it is among the world’s leading financial institutions that invested billions of dollars to help authorities fight financial crimes. Their investment “leads to increased detection levels” and “SARs are alerts of potential issues, not proven facts.”
“At Deutsche Bank, we have devoted significant resources to strengthening our controls and we are very focused on meeting our responsibilities and obligations,” according to the German bank.
Deutsche Bank’s recent scandals
In 2015, Deutsche Bank paid $258 million penalties to settle its violations for doing business with countries subject to U.S. sanctions including Iran, Libya, Myanmar, Sudan, and Syria. Take note that the leaked FinCEN documents showed that the German bank facilitated suspicious transactions even after the 2015 settlement.
In 2017, Deutsche Bank agreed to pay $220 million to settle allegations by multiple states that it rigged the London Interbank Offered Rate (LIBOR) and other benchmark interest rates. Two years before, it paid a record penalty of $2.5 billion to U.S. and U.K. regulators for its role in the LIBOR interest rigging scandal.
