Deutsche Bank fired staff after and is paying a $258M fine for violating sanctions thousands and thousands of times

Deutsche Bank is firing and disciplining staff and paying out a $US258 million fine to regulators after it was found to have processed transactions for countries sanctioned by the US government over a seven-year span.

The bank processed more than 27,000 transactions worth more than $US10 billion on behalf of financial institutions in countries including Libya, Syria and Sudan “from at least 1999 through 2006,” the New York Department of Financial Services announced Wednesday November 4.

Six Deutsche Bank employees have been fired and three more disciplined as a result of the regulatory violations, DFS said. The agency fined Deutsche Bank $US200 million and it was fined an additional $US58 million by the Federal Reserve.

“We are committed to investigating and pursuing sanctions violations and money laundering at financial institutions,” acting DFS superintendent Anthony Albanese said in a statement. “To truly deter future wrongdoing, it is important to focus not just on corporate accountability, but also individual accountability.”

Deutsche Bank stock was down 2% in early afternoon trading.

It’s the latest in a series of difficult revelations for the bank. Shares are down more than 7% on the year and Deutsche Bank brought on a new CEO earlier this year.

Last month, the bank revealed losses of $US6.6 billion in restructuring and revealed it would slash headcount by as many as 35,000 employees.

Prior to that, the bank revealed it would undertake a massive overhaul to restructure its business.

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