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Federal Reserve officials are cracking down on the U.S. operations of the German institution after discovering problems with the firm’s transaction monitoring system.
The Federal Reserve Board has hit the U.S. operations of Deutsche Bank AG with a $41 million penalty and a cease and desist order, alleging anti-money laundering (AML) deficiencies that bank officials are pledging to fix. Specifically, the Fed is focusing its efforts on the German bank’s holding company, DB USA Corp. (DB USA), which...
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