A Deutsche Bank branch in Hong Kong, China, July 8 2019. Picture: REUTERS/TYRONE SIUFinancial regulators in New York have fined Deutsche Bank $150m for failing to raise red flags on accounts held by the lateThe fine marked the first time a financial institution has been penalised for its dealings with the late financier, said the New York department of financial services, an agency of the state government on Tuesday.
“Banks are the first line of defence with respect to preventing the facilitation of crime through the financial system, and it is fundamental that banks tailor the monitoring of their customers' activity based upon the types of risk that are posed by a particular customer,” said department superintendent Linda Lacewell.
It also listed suspicious payments “to Russian models, payments for women's school tuition, hotel and rent expenses, and ... payments directly to numerous women with East European surnames.”
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