WASHINGTON, May 30 (Xinhua) -- U.S. Federal Reserve on Tuesday announced a penalty of 41 million U.S. dollars on the U.S. operations of Deutsche Bank for its deficiencies in anti-money laundering program.
"The (Federal Reserve) Board identified failures by Deutsche Bank's U.S. banking operations to maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws," said the Fed in a statement.
The central bank also issued a cease and desist order against the German bank, which requires the bank to improve its senior management oversight and controls related to its compliance with anti-money laundering laws.
The German bank was fined a total of 156.6 million U.S. dollars in April by the Fed for its deficiencies in its foreign exchange trading and its failure to keep a compliance program with the Volcker rule.
