You guys: You’re not going to believe this.
The Federal Reserve told Deutsche Bank AG in recent weeks that the lender is failing to address persistent shortcomings in its anti-money-laundering controls….
I mean, seriously, who could have ever seen this coming?
The Fed’s latest warning comes four years after it classified Deutsche Bank’s U.S. operations as being in “troubled condition,” a rare rebuke for a major bank. In May 2020, it issued a fresh admonishment over the bank’s money-laundering controls.
In 2020, Deutsche Bank also settled with New York’s Department of Financial Services over the bank’s role as a correspondent bank in one of Europe’s largest money-laundering scandals….
The Fed’s frustration has escalated to a point that the bank could be fined….
We can only hope there’s enough wiggle room left to pay for this latest unexpected expense.