Non-committal
The US Federal Reserve’s decision to maintain interest rates between 5.25 and 5.50 per cent has left the financial world in a state of uncertainty.
The US Federal Reserve has announced a penalty of $41 million on the US operations of Deutsche Bank for its deficiencies in anti-money laundering program.
"The (Federal Reserve) Board identified failures by Deutsche Bank's US banking operations to maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws," said the Fed in a statement on Tuesday, Xinhua news agency reported.
The central bank also issued a cease and desist order against the German bank, which requires the bank to improve its senior management oversight and controls related to its compliance with anti-money laundering laws.
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The German bank was fined a total of $156.6 million in April by the Fed for its deficiencies in its foreign exchange trading and its failure to keep a compliance program with the Volcker rule.
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