Deutsche Bank has agreed to pay $150 million to settle charges that it didn’t do enough to monitor suspicious financial activity by deceased financier and sex offender Jeffrey Epstein, on top of other failures related to dirty money
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“The Bank’s fundamental failure was that, although the Bank properly classified Mr. Epstein as high-risk, the Bank failed to scrutinize the activity in the accounts for the kinds of activity that were obviously implicated by Mr. Epstein’s past,”“We acknowledge our error of onboarding Epstein in 2013 and the weaknesses in our processes, and have learnt from our mistakes and shortcomings,” a bank spokesperson said in a statement.
Epstein pleaded guilty in 2008 to soliciting a minor for prostitution charges in Florida, and struck a deal that led to a 13-month jail term that included daily furloughs and allowed him to avoid federal prosecution. Scrutiny of the deal by the Miami Herald led to Epstein’s arrest last summer on fresh charges.
Now-shut bank FBME, a Cypriot bank that later moved to Tanzania, was sanctioned by the U.S. for being a “primary money laundering concern” in 2014, a move that led to its downfall.
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