Analysis

Deutsche's Fine Over Epstein Lapses Spotlights Due Diligence

Law360 (July 10, 2020, 10:55 PM EDT) -- New York's move to penalize Deutsche Bank AG for what state officials said were lapses in the bank's relationship with convicted sex offender Jeffrey Epstein is a wake-up call for how financial institutions and their compliance departments should approach high-risk clients, experts told Law360.

Deutsche agreed this past week to pay a $150 million fine to New York's Department of Financial Services, which faulted the bank for anti-money laundering blunders including "a series of procedural failures, mistakes and sloppiness" in its dealings with Epstein, the multimillionaire New York financier who killed himself last year while awaiting trial on federal sex trafficking...

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