However, it’s not all gloom, and some of the perpetrators of banking fraud have been prosecuted and fined by the authorities. This year alone, there have been numerous banking fraud schemes that have been stopped.
This year in May, Deutsche Bank was fined $41 million by the Federal Reserve for failing to adequately protect against money laundering. The FED found that the German Bank’s did not fully comply with the Bank Secrecy Act and that it had ‘unsafe and unsound practices’. This is in addition to a $7.2 billion settlement, which is one of the largest banking fines, the bank had to fork out in January for the mortgage bond securities. For such a big bank, though, $41 million is a drop in the bucket.