The US Federal Reserve has announced a penalty of $41 million on the US operations of Deutsche Bank for its deficiencies in anti-money laundering program.
"The (Federal Reserve) Board identified failures by Deutsche Bank's US banking operations to maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws," said the Fed in a statement on Tuesday, Xinhua news agency reported.
The central bank also issued a cease and desist order against the German bank, which requires the bank to improve its senior management oversight and controls related to its compliance with anti-money laundering laws.
The German bank was fined a total of $156.6 million in April by the Fed for its deficiencies in its foreign exchange trading and its failure to keep a compliance program with the Volcker rule.
--IANS
pgh/
Disclaimer: No Business Standard Journalist was involved in creation of this content
