In Jeffrey Epstein case, Deutsche Bank fined $150m for failure to monitor accounts

New York state financial regulators revealed that Deutsche Bank has agreed to a $150 million penalty related to the bank’s alleged oversight in dealing with accused child trafficker Jeffrey Epstein, as well as two client banks- Danske Bank Estonia and FBME Bank. The regulators said that the German bank failed to monitor account activity conducted on behalf of the registered sex offender.

This comes days after Epstein-ally Ghislaine Maxwell was arrested on federal charges that she recruited girls as young as 14 for him to abuse. Meanwhile, the financial regulator said that because of Deutsche bank’s oversight failure with Epstein, the “bank processed hundreds of transactions totalling millions of dollars that, at the very least, should have prompted additional scrutiny in light of Mr Epstein’s history.”

Handled 40 Epstein related accounts 

According to reports, the German company handled more than 40 accounts related to Epstein and related people and entities. The regulators noted that during the four years that Bank and Epstein were related, the latter's cash withdrawal totalled up over $800,000.

Read: US: Maxwell Moved To NY For Epstein-related Sex Abuse Charges

Read: US: Prosecutors Seek Friday Court Appearance For Epstein Pal

In addition, they revealed that payments were also made to people who were publicly alleged to have been Epstein’s co-conspirators in sexually abusing young women, totalling more than $7 million. Other payments were made “to Russian models, payments for women’s school tuition, hotel and rent expenses, and (consistent with public allegations of prior wrongdoing) payments directly to numerous women with Eastern European surnames,” according to the department.

They finally concluded the penalty consent by saying that Deutsche Bank had failed to monitor the activities of its clients, Danske Estonia and FBME, “with respect to their correspondent and dollar clearing business.”

Read: Epstein Associate Transferred To NYC Jail

Read: Epstein Accuser Elated Following Maxwell’s Arrest