The penalty was announced in a release by Superintendent of Financial Services
“Despite knowing Mr. Epstein’s terrible criminal history, the Bank inexcusably failed to detect or prevent millions of dollars of suspicious transactions,” Lacewell said.
According to the release, the agreement marked the first enforcement action by a regulator against a financial institution for dealings with the financier.
Epstein killed himself last August in a
His ex-girlfriend, British socialite
In a statement, the German bank said the settlement with
The bank said it had invested almost
In a statement,
Lacewell said the bank failed to properly monitor Epstein's account activity despite publicly available information about Epstein's crimes.
The financier with
Lacewell said the bank processed hundreds of transactions totaling millions of dollars that, “at the very least, should have prompted additional scrutiny in light of Mr. Epstein’s history."
She said some payments that should have drawn scrutiny included money paid to people publicly alleged to have been Mr. Epstein’s co-conspirators in sexually abusing young women; settlement payments totaling over
Other payments went to Russian models and transactions for women’s school tuition, hotel and rent expenses, she said, along with suspicious cash withdrawals totaling over
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