Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
BaFin fines Deutsche Bank over EURIBOR controls
Fine or penalty
Germany’s financial regulator BaFin fined Deutsche Bank 8.66 million euros over controls related to EURIBOR, saying the bank had at times lacked effective preventive systems, controls and policies. Deutsche Bank said it accepted the fine and had implemented measures to improve its EURIBOR controls.
Company response
Clarification — Deutsche Bank
“Deutsche Bank has no indication that the fined issue led to incorrect submissions to the benchmark administrator,” the bank said.
Source excerpt
“The bank at times did not have in place effective preventive systems, controls and policies,” BaFin said.
FRANKFURT—The German financial regulator BaFin on Wednesday said it had fined Deutsche Bank $10 million for controls related to the Euro Interbank Offered Rate (EURIBOR), a setback for the nation’s largest lender as it seeks to restore its reputation.
“Deutsche Bank has no indication that the fined issue led to incorrect submissions to the benchmark administrator,” the bank said.
2020
Deutsche Bank named among ten banks sued over alleged corporate bond market price coordination
Lawsuit filed
A class action lawsuit was filed in Manhattan federal court against ten banks, including Deutsche Bank, JPMorgan Chase and Bank of America, alleging that they conspired over nearly 14 years to manipulate prices in the $9.6 trillion corporate bond market. These are allegations in the complaint, not a court finding.
Stated objective. recover billions in alleged losses
Source excerpt
周二在曼哈顿联邦法院提起的集体诉讼称，这些银行自2006年8月以来违反了反垄断法，在“零股”交易中向投资者收取过高费用。
摩根大通和美国银行在内的10家全球最大银行，于当地周二在曼哈顿联邦法院被起诉，因其涉嫌在近14年时间里串谋操纵9.6万亿美元公司债市场的价格，令普通投资者损失数十亿美元。
The claims are premised on "negligence, breach of contract, conspiracy to defraud/injure, and/or dishonest assistance", 1MDB said in the documents, filed at a Kuala Lumpur court on Friday.
2020
New York regulator fines Deutsche Bank over monitoring failures
Fine or penalty
New York's Department of Financial Services fined Deutsche Bank $150 million over failures to monitor accounts and transactions linked to Jeffrey Epstein and other relationships. The regulator said the bank failed to act on red flags; the fine also covered its relationships with Danske Bank Estonia and FBME.
Company response
Clarification — Deutsche Bank
said it was “unaware of any problems” associated with his accounts with the lender.
Source excerpt
The bank admitted its failures.
Financial regulators in New York have fined Germany’s largest bank, Deutsche Bank, $150 million for its "significant compliance failures" with respect to its relationship with convicted child sex offender Jeffrey Epstein.
We acknowledge our error of onboarding Epstein in 2013 and the weaknesses in our processes, and have learnt from our mistakes and shortcomings,
2020
New York regulator fines Deutsche Bank over Epstein transactions
Fine or penalty
The New York State Department of Financial Services fined Deutsche Bank US$150 million over compliance failures in its dealings with Jeffrey Epstein, including processing suspicious transactions. The regulator also cited the bank’s handling of payments for Danske Bank’s Estonia branch and Federal Bank of the Middle East.
Source excerpt
Deutsche Bank will pay a US$150 million (S$209 million) fine from a New York regulator for allowing disgraced financier Jeffrey Epstein to make payments to Russian models and withdraw suspicious amounts of cash during five years as a client.
The New York regulator said Deutsche Bank was also sanctioned for ignoring warning signs while processing billions of euros of payments for Danske Bank, which it ranked as "high-risk" in 2007, before shortly afterwards identifying alerts on its foreign customers with Russian or Latvian connections.
Tuesday's (July 7) settlement with the New York State Department of Financial Services is the first such action against a bank related to Epstein.
2019
Deutsche Bank fined over compliance shortcomings
Fine or penalty
Frankfurt prosecutors imposed fines and forfeits totaling 15 million euros on Deutsche Bank over failures to promptly report suspected money laundering related to Regula and inadequate oversight and staffing of its anti-money-laundering team.
Company response
Clarification — Deutsche Bank
“With the closure of these proceedings it is clear that the prosecutors have not found any instances of criminal misconduct on the part of Deutsche Bank employees following the raid of our Frankfurt office in November 2018," Deutsche Bank spokesman Joerg Eigendorf said in a statement.
Source excerpt
In a separate statement, the prosecutor's office said the fines were imposed over the failure to promptly report suspected money laundering related to Regula; inadequate high-level oversight and understaffing of the bank's anti-money-laundering team from 2015 until early 2018.
It was hit with 15 million euros (12.86 million pounds) in fines and forfeits to make amends for the shortcomings in its compliance setup.
Deutsche Bank said on Friday, however, that the Frankfurt prosecutor's office had now closed the case due to a lack of suspicion. It was hit with 15 million euros (S$22.6 million) in fines and forfeits to make amends for the shortcomings in its compliance setup.
2015
Deutsche Bank fined by South African Reserve Bank
Fine or penalty
The South African Reserve Bank fined Deutsche Bank's Johannesburg branch R10 million for inadequate controls against money laundering and terrorism financing. The report said the fine did not mean the bank had facilitated those acts.
Company response
Remediation — Deutsche Bank
In consultation with the SARB, it has co-operated fully in remediating the identified shortcomings within agreed time frames.
Source excerpt
Johannesburg - Deutsche Banks' Johannesburg branch has been fined R10 million by the SA Reserve Bank (SARB) for inadequate controls against money laundering and terrorism financing, City Press reported on Sunday.