New York (CNN Business) New York regulators fined Deutsche Bank $150 million Tuesday and slammed the lender for "mistakes and sloppiness" in its relationship with accused sex-trafficker Jeffrey Epstein.
Authorities said Deutsche Bank's "significant compliance failures" allowed Epstein to conduct hundreds of transactions totaling millions of dollars that should have prompted additional scrutiny.
The penalties, which also relate to's ties to scandal-ridden financial institutions Danske Bank Estonia and FBME Bank , are the first enforcement actions by regulators against a bank for dealings with Epstein.
In a statement, Deutsche Bank acknowledged its "error of onboarding Epstein in 2013 and the weaknesses in our processes, and have learnt from our mistakes and shortcomings."
The bank said it immediately contacted law enforcement to offer assistance after Epstein's arrest.
"Our reputation is our most valuable asset and we deeply regret our association with Epstein," the bank said.
Deutsche Bank also has a long and complicated relationship with President Donald Trump. »