Deutsche Bank To Pay $ 554 Million In Tax Audit

Deutsche Bank will pay 554 million U.S. dollars (£ 360m) after admitting the crime, helping wealthy U.S. tax free.

The sum of taxes and interest that the Internal Revenue Service (IRS) was unable to collect.

Federal prosecutors and the Ministry of Justice held that a prosecution agreement requires the bank to continue to cooperate.It should also allow an external expert to ensure it does not do it again.Deutsche tax evasion took place between 1996 and 2002.

Payment to the U.S. authorities following an agreement reached with prosecutors in a Swiss bank UBS, which paid $ 780 fine to help customers hide their accounts from the IRS.

Deutsche pay $ 554m also includes a civil penalty of over $ 149m.

The bank said it was pleased that the investigation had been resolved.

A statement said: "Since 2002, the bank has strengthened its policies and procedures as part of an ongoing effort to ensure strict enforcement and higher ethical standards."

He added that he had already allocated the funds and the settlement would not affect current net income.

The latest figures from Deutsche Bank showed a loss in the third quarter, which is related to its proposed takeover of Deutsche Postbank.

It recorded a pretax profit of 1.2 billion euros ($ 1.66bn, £ 1.05bn) during the quarter, hit by a charge of € 2,300,000,000 related to the agreement Postbank.

Postbank Excluding costs, net income for the quarter was 1.1 million euros.

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