Due to the German bank working with Syria and Iran, US regulators have fined Deutsche Bank $258 million because of the violation of US sanctions laws.
BBC News reported that Deutsche Bank has to pay the New York State Department of Financial Services and the Federal Reserve penalties. Those who worked on the illegal transactions are not permitted to work again.
An official from the Federal Reserve said that the bank could not operate effectively outside of the US. “The firm did not have sufficient policies and procedures to ensure that activities conducted at its offices outside of the United States complied with US sanctions laws,” BBC news revealed.
In order to avoid a repeat of this issue, the Federal Reserve is requiring Deutsche Bank to set up an enhanced global compliance programme so that US sanctions are taken into consideration and Syrian and Iranian dealing are deemed as unsecure.
Since the incident, Deutsche Bank have released a statement saying that all business with the countries involved has been terminated, BBC News reports.
BNP Paribas and Credit Agricole both have had similar experiences but were fined more for their dealing with US sanctioned countries.
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