US News After abuse scandal: Deutsche Bank faces new problems because of business with Jeffrey Epstein

08:40  03 june  2020
08:40  03 june  2020 Source:   handelsblatt.com

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Sign up here.) Deutsche Bank ’s Jeffrey Epstein moment. The German lender was already having a tough year. Now it has another headache: dealing with The bank didn’t dump Mr. Epstein until late last year, after The Miami Herald published an investigation into sexual abuse accusations against him.

In the years after Jeffrey Epstein registered as a sex offender, he closed his money management firm and started a business to develop algorithms and In a banking license application reviewed by The New York Times, Mr. Epstein described himself as one of the investing world’s “pioneers” and said he

Die Geschäfte der Deutschen Bank mit dem Investor Jeffrey Epstein werden jetzt vom DFS untersucht. © AP The business of Deutsche Bank with the investor Jeffrey Epstein is now being investigated by the DFS.

New York regulator DFS examines how the bank deals with the late sex offender Jeffrey Epstein. The supervisor could impose penalties in June.

In the middle of the realignment, Deutsche Bank could be caught up by the past. The New York Department of Financial Services (DFS), a key banking supervisor, has launched an investigation that sheds light on how the bank is dealing with the late investor and sex offender Jeffrey Epstein.

Eppstein was arrested last July and hanged himself in a New York prison in August . Deutsche Bank was Eppstein's main bank for years and had only started to cut connections with him at the end of 2018 . As early as June, the DFS could impose penalties, according to a report by the New York Times, which first reported on the investigation.

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Daniel Hunter, a Deutsche Bank spokesman, said the bank regarded its reputation as its “most After Mr. Epstein was arrested last July, Deutsche Bank executives began an internal She told The New York Times in March that her office had not yet determined the kind of business Southern Trust

Deutsche Bank is being investigated by the US Department of Justice as part of a wider probe of the 1MDB scandal , the Wall Street Journal It came after The New York Times reported that Deutsche Bank managers overruled compliance staff concerns in their dealings with Jeffrey Epstein , who is

The agency is a key overseer of the bank as it grants a license to operate in New York, where the bank is headquartered in

USA . The DFS had only hired Richard Weber, a new chief legal officer, at the end of April. He was the piquant head of the Financial Crime Fighting Unit at Deutsche Bank in New York until the end of 2018. In this case, however, Weber declared himself to be biased, as the Handelsblatt learned from financial circles. Already in 2015, employees of the anti-money laundering department

marked transactions from Epstein as suspicious and discussed the reputation risk

. Even then, Epstein was known as a sex offender and served an unusually casual prison sentence in Florida in 2008 and 2009. Epstein was well wired in America's financial and corporate world and a lucrative customer. JP Morgan Chase was his house bank for a long time. However, the relationship ended with Epstein in 2013, who subsequently switched to Deutsche Bank. The Frankfurt Institute did not begin to cut ties to it until the end of 2018. "Our reputation is our most important asset," said a spokesman for the bank. The institute "regrets the decision" to have done business with him.

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Deutsche Bank continued to do business with Jeffrey Epstein after his 2008 conviction for soliciting prostitution and only severed ties with him a few months The New York Times reports that until earlier this year, Epstein was being given loans by the bank and was considered a 'lucrative' client within its

Attorney General William Barr won’t recuse himself from involvement in the new charges filed against alleged sex-trafficker Jeffrey Epstein by federal prosecutors in New York, according to a Justice Department official.

The bank had launched an internal investigation after Epstein's arrest in July and had already stated that it was working with the regulators. Due to a number of compliance violations and deficits, Frankfurt is already in the sights of regulators and politicians

, including in the fight against money laundering and risk management

. US President Donald Trump has been a customer of the bank for years, which puts

in a difficult situation, especially in times of the corona crisis. In the Epstein case, however, no bank has yet been prosecuted. But investigations are also taking place elsewhere. According to the "New York Times", the Attorney General of the US Virgin Islands is examining the role of two small financial institutions that are said to have been doing business with Epstein for years. Supervisors in the UK, in turn, investigate the relationship between Barclays boss James Staley and Epstein. The two men met in New York in 2000 when Staley worked for the US bank JP Morgan.


For years, Deutsche Bank was the house bank of the controversial financial advisor Jeffrey Epstein. It wasn't until the end of 2018 that she started to cut connections to him . More on MSN

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