Regulators have agreed penalties totalling $150m (£119m) with Deutsche Bank for alleged compliance failures in its dealings with the disgraced financier Jeffrey Epstein and two other banks.
The New York State Department of Financial Services (DFS) said the settlement amounted to the first enforcement action against a financial institution for its actions relating to Epstein’s financial dealings.
It detailed “hundreds” of transactions made by the billionaire – handled by the German bank between 2013 and 2018 – before he took his own life in a New York jail last summer while awaiting trial on sex-trafficking charges.
The DFS said they included payments to individuals who were publicly alleged to have been Epstein’s co-conspirators in sexually abusing young women, settlements of over $7m in total and also payments to Russian models.
“The bank failed to properly monitor account activity conducted on behalf of the