Deutsche Bank. Photo: Michael A. Scarcella/ ALM
The settlement marks the first enforcement action from a regulator against a financial institution over dealings with Epstein, according to the New York Department of Financial Services.
July 07, 2020 at 11:16 AM
1 minute read
Deutsche Bank did classify Epstein as a high risk, but they did not “scrutinize the activity in the accounts for the kinds of activity that were obviously implicated by Mr. Epstein’s past,” the document said.
The bank “did little or nothing to inquire into or block numerous payments to named co-conspirators, and to or on behalf of numerous young women, or to inquire how Mr. Epstein was using, on average, more than $200,000 per year in cash,” according to the consent order.
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