Bank fined €13.5m for failing to submit SARs in time

  • 10 November 2020

ORX News story of the month: October 2020

Each month, we share a free operational risk loss event story from ORX News. The story is handpicked by the team as one of the most interesting stories reported by the service in the previous month. This story was published by the service in October 2020.

Bank accepted a €13.5m administrative fine for failing to submit Suspicious Activity Reports (SARs) in a timely fashion

In October 2020, Deutsche Bank accepted a €13.5m administrative fine for failing to submit Suspicious Activity Reports (SARs) in a timely fashion.

Deutsche Bank allegedly failed to disclose more than a million suspect money transfers with Danske Bank Estonia, for which Deutsche Bank was correspondent bank. The suspect money transfers occurred over a five-year period after a whistle-blower at Danske Bank had flagged them as suspicious transactions. German prosecutors launched an investigation to determine if Deutsche Bank employees had sanctioned these transactions and whether they had subsequently attempted to cover them up.

Deutsche Bank withdrew from its position as a correspondent bank for Danske Bank Estonia over increasing concerns about potential misconduct by Danske Bank and launched two internal investigations into the matter under the scrutiny of US regulators.

Frankfurt Prosecutors cleared Deutsche Bank of money-laundering buy found that between 2010 and 2015, Deutsche Bank had failed to send timely alerts of potentially suspicious transactions to law enforcement authorities on 627 occasions. For each of these failures, Deutsche Bank was fined between €12,500 and €30,000.

You can read more on this story via the source here.

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Op risk losses categorised for easy analysis

Every single ORX News story is categorised to help you get the most from the data. The categories include the business line, event type, scenario category. All of this information makes it easier for you to use and analyse the loss events.

Extract of the data for this story from ORX News:

Business line: Commercial Banking
Event type: Clients, Products & Business Practices
Loss amount: EUR 13,500,000.00
Country: Germany
Scenario category: Improper Business Practice

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