Employees who worked on the illegal transactions must not work with the bank again, the Federal Reserve said.
Deutsche Bank also violated various New York state laws and is paying the two agencies separately.
“The company did not have sufficient policies and procedures to ensure that activities conducted at its offices outside of the United States complied with US sanctions laws,” an official from the Federal Reserve said.
The Fed is requiring Deutsche Bank to create an “enhanced” program to “ensure global compliance” with US sanctions, characterizing its transactions with Syria and Iran “unsafe and unsound”.
Deutsche Bank said in a statement that the conduct had stopped several years ago, adding: “Since then we have terminated all business with parties from the countries involved.”
Two French banks, BNP Paribas and Credit Agricole, received higher fines from the US for working with US-sanctioned countries.
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