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Deutsche Bank reaches $150m settlement linked to Jeffrey Epstein
Key Excerpts from Article on Website of MSN News
Posted: July 12th, 2020
https://www.msn.com/en-gb/money/other/deutsche-bank-reaches-...
Deutsche Bank (DBK.DE) has agreed to pay $150m (119m) over compliance failings in part linked to dealings with Jeffrey Epstein. New Yorks Department of Financial Services said in a statement on Tuesday it had imposed the penalty on Deutsche Banks New York branch for significant compliance failures in connection with the Banks relationship with Jeffrey Epstein, the accused child sex trafficker who died in police custody last year. The penalty also covers anti-money laundering failings linked to Danske Bank Estonia and Middle Eastern bank FBME. Epstein, who is believed to have been a billionaire, became a client of Deutsche Banks in 2013, five years after he pleaded guilty to procuring for prostitution a girl below age 18 in Florida. Despite coverage of the settlement and subsequent allegations against Epstein, investigators found Deutsche Bank failed to properly monitor his account. Hundreds of transactions totalling millions of dollars that raised red flags were missed, the New York Department of Financial Services said. These included payments to Epsteins alleged co-conspirators, settlement payments with victims totalling $7m, payments to Russian models, payments for womens school tuition and expenses, and payments to numerous women with Eastern European surnames that were consistent with public allegations of prior wrongdoing. Repeated suspicious cash withdrawals by Epstein totally over $800,000 over four years also failed to raise concerns.
Note: 60 Minutes Australia has produced an excellent segment on Jeffrey Epstein and his recently arrested sidekick Ghislaine Maxwell. How did Epstein get away with sexually abusing hundreds of teenage girls for decades? The government and multiple police departments knew what was happening, yet key officials in high positions of power protected him. For more along these lines, see concise summaries of deeply revealing news articles on Jeffrey Epstein and financial industry corruption from reliable major media sources.
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