Deutsche Bank has been hit with $150 million in penalties for its longtime financial relationship with now-deceased convicted sex offender and financier Jeffrey Epstein, New York state regulators announced Tuesday.

The New York Department of Financial Services said the multinational investment bank based in Germany agreed to the massive settlement due to its “compliance failures in connection with the Bank’s relationship” with Epstein and “correspondent banking relationships” with Danske Bank Estonia and FBME Bank. The regulatory body said that this agreement “marks the first enforcement action by a regulator against a financial institution for dealings” with Epstein.