FRB Fines Bank for AML Compliance Violations

The Board of Governors of the Federal Reserve System ("FRB") imposed a $41 million fine on Deutsche Bank AG and its U.S. operations (collectively, "Deutsche") for anti-money laundering ("AML") and Bank Secrecy Act compliance violations. The violations involved the failure by Deutsche's U.S. operations to adequately monitor suspicious transactions processed between 2011 and 2015 for certain of Deutsche's European affiliates. The FRB Order also requires Deutsche to make changes to its systems for compliance oversight and risk management.