Economics
Deutsche Bank E-Mails Showed `Tricks' That Led to U.S. Pact
- Bank agrees to fire six employees over violations in 1999-2006
- Regulators say sanction controls skirted on $10.8 billion
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Deutsche Bank AG will pay $258 million and fire six employees to resolve a probe into sanctions violations from 1999 to 2006 after a string of e-mails showed employees discussed the “tricks” used to move money in and out of Iran, Libya, Syria, Burma and Sudan.
The settlement was announced Wednesday by the Federal Reserve and New York’s Department of Financial Services. The deal shows how authorities combed through the bank’s internal messages and singled out bad actors to broker a deal. They also show how the bank’s European arm kept U.S. staff in the dark, and some employees even told customers they were skirting U.S. law, according to a statement by Anthony Albanese, the acting superintendent of the DFS.