Deutsche Bank and its US affiliates were fined $186 million by the Federal Reserve for failing to address money laundering control issues and other concerns raised by the central bank.

The Fed warned Deutsche to prioritize these issues or face increased fines.

Deutsche Bank said it will address the Fed-identified weaknesses in the near future and that prior quarter provisions satisfy the punishment.

The Biden administration plans to crack down on corporate offenders and illicit funds in the US banking system.