New York DFS has published its investigative findings on Jeffrey Epstein’s relationship with Deutsche Bank.

DB has agreed to pay a $150 million penalty for “significant compliance failures.”

Press release: https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202007071
Consent order: https://www.dfs.ny.gov/system/files/documents/2020/07/ea20200706_deutsche_bank_consent_order.pdf

In 2014 and 2015, concerns within DB about Epstein grew to the point that the bank executive who had originally approved the Epstein relationship visited his client at his upper east side mansion to ask what truth there was to the allegations. But that put an end to it.

Payments to Russian models and Russian publicity agents were deemed “normal for this client.”

DB’s transaction monitoring team was instructed to google any woman involved with Epstein transactions to make sure she was 18 years old.

In May 2018, a member of the bank’s compliance team gets an inquiry sent to Epstein’s accountant about why he’s wiring money to multiple women at a Russian bank.

The response from Epstein’s accountant comes back “SENT TO A FRIEND FOR TUITION FOR SCHOOL.”

Epstein’s personal attorney was coming into DB’s Park Avenue branch to withdraw $7,500 in cash two to three times a month, and he asked bank staff how often he could make withdrawals without triggering the cash transaction reports that are meant to detect money laundering.

97 separate cash withdrawals each in the amount of $7,500

“Your cash withdrawal patterns on behalf of Epstein appear structured to avoid reporting mechanisms we use to detect money laundering. This is unacceptable. What do you have to say for yourself?”

“Oh sir! I didn’t intend to—“

“Okay I believe you! Would you like some more cash?”

“We have learnt from our mistakes,” DB says. https://twitter.com/deutschebank/status/1280490499007283201?s=21 https://twitter.com/deutschebank/status/1280490499007283201