Deutsche Bank pays $258m for wire-stripping breaches of US sanctions

Deutsche Bank’s use of “OFAC-safe” payment processing to circumvent US sanctions against Iran, Libya, Syria, Burma and Sudan between 1999, at the latest, and 2006 have bought it a $200m penalty from the New York Department of Financial Services (NYDFS) [1], and a further $58m payment to the Federal Reserve. An independent monitor, appointed for one year, will review the bank’s compliance programmes around AML and sanctions and six employees implicated in the violations will be terminated.