Deutsche Bank To Pay USD 630 M Fine for Money Laundering

Business | January 31, 2017, Tuesday // 15:50|  views


German Deutsche Bank has agreed to pay a fine of USD 630 M to regulators in the USA and Great Britain as penalty for not being able to prevent suspicious deals for USD 10 M.

This is the amount that was practically laundered outside of Russia, reported Reuters.

"The scheme involved mirror trades carried out between 2011 – 2015 - for instance, buying Russian stocks in roubles for a client and selling the identical value of a security for U.S. dollars for a related customer," reported Reuters.

The New York office of the Financial Services Department pointed out that there is no economic purpose to such deals and they might have been used in order to facilitate money laundering or other illegal deals.

The fine that the bank has to pay in the USA is USD 425 M.

The bank missed several opportunities to notice, investigate and stop these schemes and, thus, allowed them to go on for years,“ announced the US authorities.

The British regulator has imposed a fine of USD 204 M on the grounds that Deutsche Bank failed to carry out adequate control over deals for money laundering in the period 2012 – 2015.



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Tags: Deutsche Bank, Russia, money laundering, USA, Britain, regulators


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