DEUTSCHE BANK AMERICAN ARM PAYS PENALTIES TO OFAC FOR HANDLING PAYMENTS BREACHING CRIMEA-LINKED USA SANCTIONS
September 2nd, 2020
THE USA’S Office of Foreign Assets Control (OFAC) has settled two cases involving Deutsche Bank Trust Company Americas, accused of breaching US sanctions designed to impede companies and individuals aiding Russia’s contested annexation of Crimea from Ukraine.
DB has agreed to pay USD425,600 and USD157,000 to the US Treasury to settle these cases, where OFAC found the German bank had not deliberately sought to flout these financial controls, but failed to apply correct legally-mandated due diligence.
The larger penalty involves DB’s USA arm processing ...
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