Daily Management Review

Deutsche Bank subsidiary to pay US over $ 582,000 in fines


Deutsche Bank Trust Company Americas (DBTCA, a subsidiary of the German Deutsche Bank) has agreed to pay a fine of more than $ 582,000 for violating US sanctions imposed on Russia over Crimea.

Andre Engels
Andre Engels
According to the US Treasury Department, this is a series of violations.

The investigation established that the bank made a large payment through the United States related to a series of purchases of fuel oil and included "the property interest of a sanctioned oil company in Cyprus." It is indicated that the bank could have known about the sanctions against the company, but did not take sufficient measures to exclude benefits for it.

The message specifies that it is about IPP Oil Products (Cyprus) Limited, and the amount of the payment made in August 2015 amounted to more than $ 28 million. For this violation the bank will pay 157.5 thousand dollars. IPP Oil Products was added to the US sanctions list on July 30, 2015.

The second episode is associated with a series of transactions totaling more than $ 276.7 thousand committed in the same 2015 in the interests of Krasnodar Regional Investment Bank OJSC (Krayinvestbank), which was also under sanctions for operating in Crimea. For this violation, the German company will pay a fine of 425.6 thousand dollars.

It is indicated that in both cases the German bank did not enter the necessary information into the international SWIFT system and did not enter the BIC (bank identification number), which made it possible to bypass the "filter" set by the US Treasury for transactions in dollars.

source: cnn.com