On November 4, 2015, the US Federal Reserve Board, in conjunction with the New York Department of Financial Services, announced $258 million in total civil monetary penalties and a cease and desist order against Deutsche Bank AG in regards to US sanctions violations. According to the orders, Deutsche Bank conducted business at its offices outside of the United States with respect to, and in violation of, certain US-sanctioned countries including Iran, Libya, Syria and Sudan. The order requires Deutsche Bank to implement an enhanced global compliance program in accordance with US sanctions rules established by the US Department of Treasury’s Office of Foreign Assets Control. Additionally, Deutsche Bank will be required to terminate six employees allegedly involved, as well as bar three other employees from US operations-related duties. The Federal Reserve Board and NYDFS announced $58 million and $200 million civil monetary penalties, respectively. Deutsche Bank still faces investigations by the US Department of Justice and the NYDFS regarding possible sanctions violations with respect to its Russian activities. The Federal Reserve Board order is available at: http://www.federalreserve.gov/newsevents/press/enforcement/enf20151104a1.pdf.
The NYDFS order is available at: http://www.dfs.ny.gov/about/ea/ea151103.pdf.
The Federal Reserve Board press release is available at: http://www.federalreserve.gov/newsevents/press/enforcement/20151104a.htm.