Deutsche Bank fired staff after and is paying a $258M fine for violating sanctions thousands and thousands of times

Deutsche Bank is firing and disciplining staff and paying out a $258 million fine to regulators after it was found to have processed transactions for countries sanctioned by the US government over a seven-year span.

The bank processed more than 27,000 transactions worth more than $10 billion on behalf of financial institutions in countries including Libya, Syria and Sudan "from at least 1999 through 2006," the New York Department of Financial Services announced Wednesday November 4.

Six Deutsche Bank employees have been fired and three more disciplined as a result of the regulatory violations, DFS said. The agency fined Deutsche Bank $200 million and it was fined an additional $58 million by the Federal Reserve.

NOW WATCH: This is what will happen when the Fed raises rates

Please enable Javascript to watch this video