Deutsche Bank Takes On the Relationship
When JPMorgan Chase exited the Epstein relationship in 2013, Deutsche Bank stepped in. This was a decision that later subjected Deutsche Bank to significant regulatory and legal consequences.
The Five-Year Relationship
From 2013 to 2018, Deutsche Bank provided banking services to Epstein. During this period, the bank processed hundreds of millions of dollars in transactions across Epstein’s accounts.
Internal Concerns
Like JPMorgan before it, Deutsche Bank had internal staff who raised concerns about transactions in Epstein’s accounts. Compliance officers noted patterns that should have triggered enhanced scrutiny under anti-money laundering protocols.
The Final Exit
In 2018, Deutsche Bank made the decision to exit the Epstein relationship. This preceded his 2019 arrest the bank was not responding to a criminal prosecution but to its own assessment of reputational risk.
NYDFS Penalty
The New York State Department of Financial Services (NYDFS) penalized Deutsche Bank million in 2020 for its failure to adequately monitor Epstein’s accounts. The regulator found that Deutsche Bank had failed to act on red flags.
The Settlement
Deutsche Bank later settled with Epstein victims for approximately million.