Deutsche ‘failed to act over Epstein’
DEUTSCHE BANK allowed billionaire paedophile Jeffrey Epstein to make a string of suspicious payments to women without proper checks, a damning investigation has found.
The German lender failed to step in when Epstein was wiring money to co-conspirators, Russian models and women “with Eastern European surnames”, the New York Department of Financial Services (DFS) said.
He also paid for women’s school tuition, hotels and rent.
Rather than carrying out detailed scrutiny, the DFS said that compliance
‘Deutsche Bank has agreed to pay a $150m (£120m) penalty over its dealings with Jeffrey Epstein’
workers used internet searches to check that the women paid by Epstein were over 18. His lawyer also withdrew $800,000 in cash on his behalf in just four years, including $100,000 for “tipping and household expenses”.
Deutsche has agreed to pay a $150m (£120m) penalty over its dealings with Epstein, as well as compliance failures related to Danske Bank Estonia and FBME Bank. Epstein killed himself in a New York jail cell last year.
Chief executive Christian Sewing told staff: “We acknowledge our error of on-boarding Epstein in 2013.”
The settlement marks the first enforcement action by a regulator against a financial institution for dealings with Mr Epstein. The UK financial regulator is currently investigating Barclays chief executive Jes Staley over his ties with the deceased American.