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— Anti-Corruption News Story Curated by Anti-Corruption Digest International Risk & Compliance News

Deutsche Bank has been fined more than £500m by British and American authorities for anti-money laundering failings that allowed wealthy clients to transfer $10bn out of Russia in trades that were “highly suggestive” of financial crime.

Germany’s biggest bank was today hit with a £163m penalty from the Financial Conduct Authority (FCA) and a $425m (£341m) fine from the New York State Department of Financial Services (DFS) after it was found to have carried out a series of “mirror trades” and other suspicious transactions through its Moscow, London and New York offices that shifted money from Russia to offshore bank accounts.

The FCA’s penalty was the biggest ever levied by the City watchdog for lax anti-money laundering (AML) controls. Mark Steward, the FCA’s director of enforcement and market oversight, said “the size of the fine reflects the seriousness of Deutsche Bank’s failings”.

 

 

Read Full Article: Deutsche Bank hit with £500m money laundering fines







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