180 Billion KRW Fine Imposed on Deutsche Bank for Transactions with Epstein Involving 'Underage Sexual Crimes'

▲Jeffrey Epstein [Image source=AP News]

[Asia Economy Reporter Kwon Jae-hee] Deutsche Bank has been fined $150 million (approximately 179.5 billion KRW) for its involvement with Jeffrey Epstein, who committed suicide while in custody on charges of sexual crimes against minors, according to reports by CNBC and others on the 7th (local time).

According to the reports, the New York State financial authorities stated, "Deutsche Bank failed to supervise millions of dollars in suspicious transactions despite being aware of Epstein's criminal history," explaining the reason for the fine. This amount is also known to be the settlement agreed upon by Deutsche Bank.

Linda Lacewell, Superintendent of the New York State Department of Financial Services, pointed out, "Deutsche Bank conducted hundreds of transactions by neglecting to monitor Epstein's accounts, amounting to at least millions of dollars," adding, "This is a serious regulatory violation."

Additionally, it was revealed that there were periodic suspicious cash withdrawals from Epstein's Deutsche Bank accounts, totaling over $800,000 over four years.

Epstein was known to be the largest client of Deutsche Bank's Private Banking (PB) division from 2013. Deutsche Bank and Epstein maintained their relationship from 2013 until December 2018.

Considering that Epstein admitted to sexual crimes in Florida over ten years ago and was registered as a sex offender, it is difficult for Deutsche Bank to escape responsibility for neglecting supervision of suspicious transactions despite knowing Epstein's history.

It was confirmed that Deutsche Bank processed remittance procedures for Epstein's accomplices, victims, lawyers, and sex workers.

Meanwhile, Epstein, a former hedge fund manager, is known to have engaged in sex trafficking with over 30 minors in New York and Florida between 2002 and 2005. He was arrested and indicted on charges of sexual crimes against minors in July last year but was found hanged in the Metropolitan Correctional Center a month later while in custody.