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Deutsche Bank’s Money-Laundering Stumbles Draw a Fed Fine

The Federal Reserve on Tuesday said it had fined Deutsche Bank (DB) $41 million for failing to ensure its systems would detect money laundering regulations and it said the lender agreed to increase its controls.

The New York Fed found that the German bank had faulty systems to detect suspicious transactions between 2011 and 2015, the central bank said in its filing.

On Tuesday afternoon, a Deutsche Bank spokesman said: “We are committed to implementing every remediation measure referenced in the Fed’s order and to meeting their expectations.”

While the New York Fed office handles examinations, the central bank chiefs in Washington decide on enforcement actions.