Beautiful Virgin Islands

Wednesday, Aug 27, 2025

Deutsche Bank Drops Risky Clients Following Jeffrey Epstein Sex Scandal, Report Says

Deutsche Bank Drops Risky Clients Following Jeffrey Epstein Sex Scandal, Report Says

The German bank was hit with a multimillion dollar fine last year after it was accused by a US regulator of “compliance failures”, which led to the processing of hundreds of transactions for the financier, who was a convicted sex offender and charged with running a sex trafficking network of minors.

Deutsche Bank has dropped risky clients following the Jeffrey Epstein sex scandal, the Financial Times (FT) reported. Stefan Simon, the bank’s chief administrative officer, who spoke with the newspaper, revealed that following Epstein’s arrest, Deutsche Bank conducted an internal analysis looking for "other cases of clients who were onboarded in the past but should be viewed differently today".

Following the examination, the bank severed ties with a “very small number” of wealthy clients with criminal records, Mr Simon said, without elaborating on the wrongdoings. He noted that the legal issues were different from Epstein’s.

The bank’s chief administrative officer was responsible for Deutsche Bank’s compliance overhaul, which resulted in the replacement of almost half of the control functions’ senior staff. Mr Simon admits that the bank had been lagged behind its competitors in anti-financial crime controls.

Jeffrey Epstein Case and Accusations Against Deutsche Bank


From former Israeli Prime Minister Ehud Barak and Bill Clinton to Donald Trump, Bill Gates, and the second son of Queen Elizabeth, Prince Andrew, it seems the late financier rubbed shoulders with just about all the powers that be. Allegations of sexual abuse against him first appeared at the beginning of the 2000s, but it wasn’t until 2008 that he pleaded guilty to procuring a minor for prostitution.

Epstein served a short jail sentence that was later changed to house arrest after 13 months. He was also ordered to register as a sex offender. His criminal case didn’t make him a pariah and his friends and acquaintances in high places, such as Prince Andrew, maintained relationships with him.

Allegations of sexual abuse continued haunting him over the years, but they didn’t lead to court cases. However, everything changed in July 2019, when Epstein was arrested on charges of running a sex trafficking network of minors. He didn’t live to see trial. On 10 August 2019, he was found hanging in his cell. His death was ruled a suicide, although some individuals have expressed doubt about that, claiming he could have been killed by his powerful friends who were afraid of being implicated in the scandal.

The subsequent investigation revealed that Deutsche Bank didn’t properly monitor the financial activity of Epstein, whose net worth was estimated to be in the millions (other reports suggest he was a billionaire). According to New York state regulators, the bank should have conducted a thorough investigation into Epstein given his past criminal misconduct. Instead, the bank processed hundreds of transactions totalling millions of dollars. They included:

* payments to individuals who were publicly alleged to have been Mr Epstein’s co-conspirators in sexually abusing young women;

* settlement payments amounting to over $7 million, as well as dozens of payments to law firms totalling over $6 million for what appear to have been the legal expenses of Mr Epstein and his co-conspirators;

* payments to Russian models, payments for women’s school tuition, hotel and rent expenses, and (consistent with public allegations of prior wrongdoing) payments directly to numerous women with Eastern European surnames;

* periodic suspicious cash withdrawals — in total, more than $800,000 over approximately four years.

Last July, Deutsche Bank was hit with a $150 million fine, while its chief executive Christian Sewing acknowledged that it was a “critical mistake” to do business with Epstein.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
×