In 2020, Deutsche Bank agreed to pay $150 million in penalties for “significant compliance failures” in connection to accounts with Jeffrey Epstein and correspondent banking relationships with Danske Bank Estonia and FBME Bank. Despite existing risk indicators and red flags, including prior criminal convictions, Epstein was onboarded by Deutsche Bank, and his account maintained by the bank.
From a compliance perspective, this was preventable by all parties. Using the correct advanced technology to find negative news, these kinds of high-risk indicators are both identifiable and actionable. Watch the recording below for an in-depth look at this case study presented by industry experts Ross Delston Esq. and Timothy Dunfey Esq.