House Financial Services: Deutsche Bank Subpoena

HOUSE FINANCIAL SERVICES COMMITTEE — SUBPOENA TO DEUTSCHE BANK Date: May 2019 From: House Committee on Financial Services, Chairwoman Maxine Waters To: Deutsche Bank AG The House Financial Services Committee issued a subpoena to Deutsche Bank as part of its investigation into the financial institution's relationship with Jeffrey Epstein. Deutsche Bank maintained a banking relationship with Epstein from 2013 to 2018 — years after his 2008 conviction for solicitation of prostitution involving a minor. SCOPE OF SUBPOENA: - All account records related to Jeffrey Epstein and associated entities - Internal communications regarding the decision to accept Epstein as a client - Suspicious Activity Reports (SARs) filed with FinCEN - Due diligence and compliance records - Records of wire transfers and financial transactions - Communications regarding the decision to terminate the relationship in 2018 CONTEXT: Deutsche Bank's relationship with Epstein was particularly scrutinized because the bank accepted Epstein as a client after other major financial institutions (including JPMorgan Chase, which dropped Epstein in 2013) had severed ties. Internal Deutsche Bank documents later revealed that compliance officers had raised concerns about Epstein-related transactions but were overruled or ignored. Deutsche Bank subsequently paid $150 million to the New York Department of Financial Services in 2020 to settle charges related to its Epstein relationship, and $75 million to settle a civil lawsuit brought by Epstein victims. Source: House Financial Services Committee Available at: https://financialservices.house.gov/