Deutsche Bank U.S. unit pays $583,000 to settle Ukraine sanctions lapses – By Reuters (FOX Business) / Sept 9 2020
Department of the Treasury’s Office of Foreign Assets Control pressed the case
The U.S. Department of the Treasury’s Office of Foreign Assets Control announced two settlements totaling $583,100 with Deutsche Bank Trust Company Americas to resolve investigations into violations of Ukraine-related sanctions, the agency said on Wednesday.
The unit of Germany’s largest lender, Deutsche Bank AG agreed to pay $157,500 for processing a large payment through the United States that involved a property interest of an oil company in Cyprus designated under the Ukraine sanctions. OFAC said the bank failed to conduct sufficient due diligence on the company.
Separately, Deutsche Bank Trust Company Americas agreed to pay $425,600 for processing payments destined for accounts at a designated financial institution. The bank failed to stop the 61 payments because of lapses in its payment screening tools, according to the Treasury.
The bank has said it will review the circumstances of the apparent violation and perform any necessary additional training or changes to the bank’s internal procedures.
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