Deutsche Bank AG - 2015


Industry: Banking & Finance
Underlying Misconduct: Anti-Trust Act, Wire Fraud
Matter Type: DOJ Criminal
Relevant Jurisdiction(s): US District Court for the District of Connecticut
Penalties: Fine
Fine Amount: $625,000,000
Reporting Agencies: Department of Justice Fraud Section
Resolution Form: Deferred Prosecution Agreement
Agreement Date: April 23, 2015
Monitor Reference Term: Independent Compliance Monitor
Monitor Identity: Bart Schwartz
Monitorship Term: 3 Years
Monitor Selection Process:

Host Organization to propose to the Reporting Agency a pool of three (3) qualified candidates to serve as the Monitor. The Department will choose the Monitor from among the candidates proposed. If the Reporting Agency rejects all candidates, Host Organization will propose an additional three candidates in 30 days, until a Monitor acceptable to both parties is chosen. - DOJ Policy.

Time to Propose Monitors: 30 days
Time to Engage Monitor: Promptly
Time to First Report: 8 mos
Reporting Frequency: Annually
Monitor Required Qualifications:

Demonstrated expertise with respect to United States criminal fraud and antitrust laws and regulations; Demonstrated expertise with respect to corporate compliance and ethics within the banking industry, including experience counseling on these issues; Experience designing and/or reviewing corporate compliance policies, procedures and internal controls; The ability to access and deploy resources as necessary to discharge the Monitor's duties as described in the Agreement and Attachment C; Sufficient independence from Host Organization to ensure effective and impartial performance of the Monitor's duties as described in the Agreement.

Summary of Monitor's Scope:

To review and provide recommendations for improving Host Organization's compliance and ethics programs, as well as Host Organization's implementation and enforcement of its compliance and ethics programs for the purpose of preventing future criminal and ethical violations by any Host Organization director, officer, employee, or agent.

Summary of Monitor's Activities:

Review and monitor Host Organization's compliance with the Agreement; Review of Host Organization's Chief Compliance Department and/or Audit Committee for further action regarding the group's policies and procedures; Review, evaluate and monitor Host Organization’s compliance and business ethics program, including trading surveillance systems, risk management systems, conflicts of interest identification and mitigation, and management systems, compliance training, business ethics training, internal auditing systems, compliance data management systems, internal investigation procedures, and information retention and production; Review, evaluate, and monitor Host Organization's compliance and business ethics structure, composition, and resources including compliance and ethics personnel compensation, compliance and ethics personnel recruitment programs, and compliance and ethics personnel training; Review, evaluate, and monitor Host Organization's compliance and ethics policies, procedures, and practices, including but not limited to any trader recruitment, training, compensation, and evaluation process; Review, assess, and monitor the Board of Directors' and senior management's commitment to, and effective implementation of, Host Organization's compliance and business ethics programs.

Monitor's Restrictions:

Host Organization will not employ or be affiliated with the Monitor for a period of not less than three (3) years from the date on which the Monitor's term expires. Nor will Host Organization discuss with the Monitor the possibility of further employment or affiliation during the Monitor's term.

Documents Uploaded: Deutsche-Bank-DOJ-DPA-23April-2015.pdf
Other Relevant Information: Deutsche-Bank-NYDFS-Consent-Order-23April-2015.pdf