Money Deutsche Bank: Million fine for doing business with Epstein

19:07  07 july  2020
19:07  07 july  2020 Source:   dw.com

Deutsche Bank has to offer a cheaper basic account

 Deutsche Bank has to offer a cheaper basic account Karlsruhe. The Federal Court of Justice protects users of a so-called basic account for low-income people from excessive fees. Deutsche Bank may no longer offer its basic account for EUR 8.99 a month as before. © Arne Dedert The headquarters of Deutsche Bank in Frankfurt. According to the law, the costs must be reasonable.

Deutsche Bank is costing its business with the US entrepreneur Jeffrey Epstein, who has been convicted of sex crimes and has since died.

Das Logo der Deutschen Bank in der New York Stock Exchange. © Photo: Richard Drew / AP / dpa The Deutsche Bank logo on the New York Stock Exchange.

The New York financial regulator punished the money house with a fine of $ 150 million. The New York State Department of Financial Services accused the bank of violating the rules in connection with its business relationship with Epstein. The institute was also punished for its links with Danske Bank and FBME Bank, which were at the center of money laundering scandals.

"It was a mistake to accept Jeffrey Epstein as a customer in 2013," said Deutsche Bank. The company recognizes the weaknesses identified in its processes and has learned from the mistakes.

Eintracht Frankfurt signs long-term lease with the city - SBU in future in "Deutsche Bank Park"

 Eintracht Frankfurt signs long-term lease with the city - SBU in future in © Pool / Getty Images The stadium of Eintracht is now called Eintracht has signed a long-term lease as the main tenant with the city of Frankfurt for 15 years . The SBU will be running in the "Deutsche Bank Park" in the future. The fans of Eintracht have to get used to a new stadium name. After all, with the new contract, Eintracht has long-term planning certainty as the main tenant until 2035.

The bank contacted the law enforcement authorities immediately after Epstein's arrest and offered full support in the investigation. It was completely transparent to the authorities. "Our reputation is our most valuable asset and we deeply regret our connection to Epstein".

Deutsche Bank announced in July 2019 that it would conduct a thorough review of its business relationships with Epstein. The money house then responded to a Wall Street Journal report that it had helped Epstein manage millions of dollars across dozens of bank accounts for several years.

Epstein was charged with abuse of underage girls; he died in a New York prison last August at the age of 66. Epstein had already been sentenced to prostitution for minors in 2008.

However, that didn't stop companies from continuing to do business with the multi-million dollar finance manager. Deutsche Bank was now the first financial company to be held accountable for this, the New York financial regulator said.

The authority accused Germany's largest financial institution of not fulfilling the responsibility of the financial system to prevent crimes by checking customers. In the case of Epstein, this is particularly difficult because his "terrible criminal history" was known. The bank "inexplicably" failed to identify or prevent suspicious transactions worth millions.

Prosecutors: Epstein victim to speak at associate's hearing .
NEW YORK (AP) — One or more victims of Jeffrey Epstein will tell a judge Tuesday that his ex-girlfriend should be denied bail on charges that she recruited teenage girls for him to sexually abuse in the 1990s, prosecutors said Monday. Prosecutors made the revelation in court papers as they argued there is no reason to free British socialite Ghislaine Maxwell on bail. They also revealed new details about Maxwell's July 2 arrest at a $1 million New Hampshire estate she purchased in December, saying FBI agents had to bust into her residence after she failed to cooperate.

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