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MicroCourse Deutsche Bank ats NYDFS "the Epstein Case" 2020 Critical and Risk Analysis

BIScom Subsection: 
Author: 
Editorial Staff

Our sister venture, Financial Crime Risk and Compliance Training, has released a micro-course about Deutsche Bank, the New York Department of Financial Services and Jeffery Epstein.

The case creates a new class of risk for all regulated businesses everywhere in the world. There is an early bird discount.

Convicted paedophile Jeffery Epstein moved his personal and business accounts to Deutsche Bank in 2013. Right from the outset, it is now known, he and his associates used the accounts for, amongst other things, paying off victims of the sexual proclivities of himself and his circle which included the UK's Prince Andrew, Donald Trump and Bill Clinton as well as senior lawyers, business people and those who don't do anything except be rich. Like moths to a flame, an extraordinary array of people benefited from his largess with the young, some very young, girls that he or his entourage procured.

And all the time, the money was going through the private bank which had been a founder of The Wolfsberg Group, which trumpeted that its members had developed a customer acquisition policy that would protect them against being used by criminals. The best laid plans, and all that. Even where policies and procedures were in place, the bank often paid only lip-service or didn't follow them at all.

The course is a detailed and critical analysis of the agreed facts and includes additional information.

It also highlights the risks that the case demonstrated and sets out and explains a range of new risks that it creates, across the whole spectrum of businesses that are subject to regulation to detect and deter e.g. money laundering and terrorist financing in almost every jurisdiction.

The case is often misrepresented by the media and commentators who say that the bank was fined USD150 million for its Epstein related business but that's not the case.

Written by Nigel Morris-Cotterill, a specialist in financial crime risk and compliance for more than a quarter of a century and several years as a lawyer before that, the course is easy to read but highly authoritative.

Launched yesterday, the course costs GBP20.00 including UK VAT where applicable. Readers of BankingInsuranceSecurities.com can get 25% off before 22 July using the coupon Quick1.

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