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Fed slaps C&D, $41M fine against Deutsche Bank AG

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Fed slaps C&D, $41M fine against Deutsche Bank AG

The Federal Reserve Board slapped Deutsche Bank AG with a $41 million penalty and consent cease and desist order over "unsafe and unsound practices" related to anti-money laundering law compliance in the company's operations in the U.S.

The Fed also deemed that the company did not have an effective program to comply with the Bank Secrecy Act. As per the consent order, the company was ordered to improve its BSA/AML controls and compliance for its U.S. operations, as well as improve its senior management oversight.