Bloomberg reported on Wednesday that Deutsche Bank is being investigated as part of the ongoing US Federal Reserve probe of Danske Bank’s alleged facilitation of money laundering operations.
investigating whether Deutsche Bank has adequately monitored billions of dollars in suspicious transactions from Danske Bank.The Fed is
Danske is accused of failing to institute risk management and control systems at its Estonian branch, which used correspondent banks such as Deutsche to convert foreign currency into US dollars for its clients.
Deutsche has said that the “only relationship (as a correspondent bank) is with the bank and the bank itself has the responsibility to check its own client (and) to monitor the transaction.” Deutsche denies it is being investigated, but says it is cooperating with all requests for information regarding its relationship with Danske Bank.
Danske, in turn, has admitted that much