Fine $157,500 to Deutsche Bank for transactions with a company in Cyprus


The US Treasury Department has announced that Deutsche Bank has agreed to pay two settlements totaling $ 583,100 to facilitate transactions that violated sanctions on Ukraine.

It should be noted that according to the OCCRP publication, one case concerns a company in Cyprus.

Deutsche Bank will pay two settlements of $ 157,500 and $ 425,600 for each breach, which some consider to be a negligible amount for a financial institution with annual revenues in the tens of billions, according to an OFAC statement cited in the report.

The Cyprus settlement, according to the OCCRP, was accepted for the $ 28,849,038.39 in funds that the bank transferred through the United States in August 2015 on behalf of a Cypriot oil company that had recently been designated as an entity. was linked to a person who “contributed to the situation in Ukraine”.

The announcement states that at the time Deutsche Bank made the transaction for the company in Cyprus, it “had reason to know” this development, as it “coincided closely” with the date on which it was listed.

The second and largest settlement concerns payments in December 2014 to Krayinvestbank, a Russian financial institution listed for its role in annexing the Crimean region of Ukraine.