What exactly are the Jeffrey Epstein fees
The New York Banking Authority has fined Deutsche Bank $ 150 million for several misconduct. On the one hand, it is about the relationship between the bank and the deceased sex offender Jeffrey Epstein, said the New York Department of Financial Services (DFS) on Tuesday. On the other hand, there are correspondent banking relationships with Danske Bank and FBME Bank. Both institutions had laundered enormous amounts of money by 2015, with Deutsche Bank presumably helping inadvertently given its weak controls.
The overseers had investigated why the bank in the United States had been Jeffrey Epstein's house bank for six years from 2013. The hedge fund manager was arrested on suspicion of sex trafficking last year, more than a decade after pleading guilty to a Florida court for forced prostitution of a minor. In 2019, the New York State Attorney's Office accused him of molesting dozen underage girls and of building an illegal sex trafficking ring between 2002 and 2005. His death in prison in August 2019 was classified as a suicide. The bank had only separated from him after an article by the Miami Herald many details about Epstein had come out. The New York Authority said the penalty against Deutsche Bank was the first against a money house for its relationship with Epstein. For this reason, the authorities have also targeted other institutes.
Credit institutions are obliged to regularly check whether their customers' money comes from illegal transactions. The bank should not have accepted a dubious customer like Epstein, and certainly not looked after it for years, writes the DFS. In the reason for the punishment, the bank supervisors list in detail - but without naming names - which top managers were involved when Epstein was accepted as a customer.
Deutsche Bank announced that it was "a mistake" to accept Epstein in 2013 as a customer. "We also recognize the weaknesses identified in our processes and have learned from our mistakes". According to reports, the fine will not depress profits. You will be paid from provisions that have already been set up. It is currently unclear whether further penalties can be expected in the Danske case.
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