Russia: Regulators Fine Deutsche Bank for Money Laundering Role



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Deutsche Bank has agreed to pay a $625 million fine stemming from a scheme that U.S. and British regulators said helped Russian clients illegally transfer $10 billion out of the country from 2011 to 2015. The bank agreed with the authorities’ assessment that it facilitated capital flight for its Russian customers, helping them evade taxes.

In 2015, the bank began investigating suspicious mirror trades made among its offices in Moscow, London and New York, uncovering what it called a systematic failure to prevent money laundering and other financial crimes. More than 2,000 mirror trades made in 2014 alone were suspected of being connected with money laundering schemes in which Russian entities or offshore accounts connected with Russia would buy ruble-denominated stocks and resell them for dollars

... read more at: https://www.stratfor.com/snapshots/russia-regulators-fine-deutsche-bank-money-laundering-role

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