Deutsche Bank Fined $16 Million by German Prosecutors in Danske Probe
- Lender failed to properly flag money-laundering suspicions
- Deutsche Bank accepts $16 million fine to end Frankfurt probe
Photographer: Thomas Lohnes/Getty Images
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Deutsche Bank AG was fined 13.5 million euros ($16 million) by Frankfurt prosecutors over money-laundering violations related to work with Danske Bank A/S.
The bank failed on more than 600 occasions to file timely alerts to authorities about suspicious transactions, Frankfurt prosecutors said in a statement Tuesday. A related criminal probe against bank employees was dropped because no criminal action was found, they said.