Breaking: Regulators impose $150 million penalty on @DeutscheBank for violating anti-money-laundering rules in its relationship with Jeffrey Epstein.
The behavior revealed in regulatory documents is stunning –– even by Deutsche standards. @MattGoldstein26 nytimes.com/2020/07/07/bus…
The behavior revealed in regulatory documents is stunning –– even by Deutsche standards. @MattGoldstein26 nytimes.com/2020/07/07/bus…
Regulators in NY found that Epstein used his dozens of DB bank accounts to pay his alleged conspirators, his victims, Eastern European models and others.
DB executives and bankers looked the other way, expecting to earn millions a year providing these services to Epstein.
DB executives and bankers looked the other way, expecting to earn millions a year providing these services to Epstein.
The Epstein relationship continued even after DB’s anti-money-laundering officers raised concerns and urged execs to stop serving Epstein.
At one point, a senior executive went to Epstein’s NY home and, later that day, staff's money-laundering objections were overruled.
At one point, a senior executive went to Epstein’s NY home and, later that day, staff's money-laundering objections were overruled.
The result was that Epstein continued to use his DB accounts to move money to young women via a Russian bank and to pay secret settlements to his victims.
Senior executives repeatedly engaged in what looks like willful blindness.
Senior executives repeatedly engaged in what looks like willful blindness.
Epstein's lawyer asked DB for advice on how to withdraw huge amounts of cash without triggering money-laundering alerts.
The lawyer withdrew a total of $800,000+ for Epstein –– and there is no record of the bank asking serious questions about what the money was being used for.
The lawyer withdrew a total of $800,000+ for Epstein –– and there is no record of the bank asking serious questions about what the money was being used for.
Deutsche finally cut ties with Epstein last year, after it became impossible to ignore how awful he was.
At that point, Epstein’s loyal relationship manager at DB wrote him reference letters to other banks, saying DB was “unaware of any problems.”
At that point, Epstein’s loyal relationship manager at DB wrote him reference letters to other banks, saying DB was “unaware of any problems.”
Keep in mind that DB has been repeatedly busted for violating money-laundering laws. For years, DB was basically the bank of choice for criminals. (And, of course, for @realDonaldTrump)
NY regulators today are also punishing DB for money-laundering lapses in Cyprus and Estonia.
NY regulators today are also punishing DB for money-laundering lapses in Cyprus and Estonia.
At the risk of sounding like a broken record, there's a ton more detail on @DeutscheBank's sordid history with Epstein and money laundering and more in my book Dark Towers! amazon.com/Dark-Towers-De…
Just got the following statement from @DeutscheBank spokesman Dan Hunter ––>
