September 11,2020

Anna Murray 

The U.S. Department of Treasury announced on September 9 that the largest German investment and financial services provider, Deutsche Bank, has agreed to pay US$583,100 for two settlements due for processing transactions that violated Ukraine sanctions.

According to the release from the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), Deutsche Bank processed funds of US$28,849,038.39 through the US in August of 2015 on behalf of a Cypriot oil company that had recently been designated as an entity that was linked to an individual who was contributing to Ukraine sanction violation. The OFAC accused Deutsche financial institution of not having adequately audited the corporate. The second settlement was due to Deutsche Bank’s processing of 61 payments in December of 2014 to Krayinvestbank, a Russian financial institution that had been designated for its violation role in the annexation of the Crimea region of Ukraine. The Deutsche Bank had failed to stop the 61 payments because of lapses in its payment screening tools.

The subsidiary Deutsche Financial institution Belief Firm Americas has resolved these 2 investigations into violations in Ukraine sanction. Deutsche Financial institution stated it had taken steps to enhance inside controls and its management mechanisms.

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