ALBANY, N.Y. — Deutsche Bank has agreed to pay $258 million to settle legal problems stemming from U.S. sanctions violations.
New York’s Department of Financial Services says the German bank processed nearly $11 billion in payments through its New York branch between 1999 and 2006 on behalf of Sudanese, Iranian, Burmese, Libyan and Syrian entities and removed identifying information.
They say that under the settlement, Deutsche Bank will dismiss six people, ban three others from duties involving U.S. operations and install an independent monitor. It will pay $200 million to the department and $58 million to the Federal Reserve.
