Deutsche Bank agrees to pay fine

Deutsche Bank has agreed to pay $258 million to settle legal problems stemming from U.S. sanctions violations, New York regulators said.

Under the settlement, Deutsche Bank will dismiss six people, ban three others from duties involving U.S. operations and install an independent monitor, according to New York’s Department of Financial Services. The German bank processed nearly $11 billion in payments through its New York branch between 1999 and 2006 on behalf of Sudanese, Iranian, Burmese, Libyan and Syrian entities, the department said. Staff overseas removed identifying data before passing U.S. dollar payments along to the U.S. branch for clearing, according to investigators.