The Securities and Exchange Commission (SEC) today charged registered broker-dealer Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, for failing to file certain Suspicious Activity Reports (SARs) in a timely manner.
Deutsche Bank Securities has agreed to pay a $4 million civil penalty to settle the SEC’s charges.
Broker-dealers are required by the Bank Secrecy Act and regulations promulgated by the U.S Department of the Treasury’s Financial Crimes Enforcement Network to file SARs for transactions they have reason to suspect involve funds derived from illegal activity, lack a business or apparent lawful purpose, or are intended to facilitate criminal activity.
According to the SEC’s order, Deutsche Bank Securities received requests in connection with law enforcement or regulatory investigations…
Read More