Deutsche Bank Fine Shows Need for US Investigation - Finance Committee Member

© REUTERS / Ralph OrlowskiDeutsche Bank headquarters are seen in Frankfurt, Germany October 8, 2015
Deutsche Bank headquarters are seen in Frankfurt, Germany October 8, 2015 - Sputnik International
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The $41-million fine imposed on Deutsche Bank by the US Federal Reserve shows the need for increased congressional oversight and an investigation into the bank’s practices, House of Representatives Financial Services Committee ranking member Maxine Waters said in a statement on Wednesday.

WASHINGTON (Sputnik) — On Tuesday, the Federal Reserve Board announced a $41 million penalty against Deutsche Bank's US operations for anti-money laundering deficiencies.

"I… reiterate my call for [Financial Services Committee] Chairman [Jeb] Hensarling to exercise his leadership by using the Committee’s full range of investigative powers to determine the nature and scope of Deutsche Bank’s failure to comply with US law," Waters stated.

A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany, September 30, 2016 - Sputnik International
Dems Request Deutsche Bank Records on Trump Family Loans, Russian Trades

The Federal Reserve said Deutsche Bank failed to ensure its systems could assess whether billions of dollars in suspicious transactions between 2011 and 2015 complied with US anti-money laundering laws.

Waters also reiterated her call on Deutsche Bank to provide details of internal reviews it conducted into the 2011 "mirror trading" scandal and President Donald Trump’s accounts at the bank.

Last week, Waters and four other Democrats on the Financial Services Committee asked Deutsche Bank if any of Trump’s or his family’s accounts at the bank had any ties to Russia, as well as for information on the bank's conduct in the Russian money-laundering scandal.

Deutsche Bank agreed in January to pay $500 million in penalties to US and British regulators to settle an investigation into whether it helped transfer $10 billion out of Russia through a "mirror trading" process.

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