Deutsche Bank Slapped with Massive Fines on Both Sides of the Atlantic

[kreslik.news]

The New York State Department of Financial Services (DFS) and the UK Financial Conduct Authority (FCA) issued massive fines against Deutsche Bank today. The bank has to pay about $628.5 million (£163 million + $425 million) for its failure to prevent a Russian ‘Mirror-Trading’ money laundering scheme.

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According to both regulators, Deutsche Bank was used by unidentified clients to transfer approximately $10 billion, of unknown origin, from Russia to offshore bank accounts in a manner that is highly suggestive of financial crime. Deutsche Bank’s Russia-based subsidiary (DB Moscow) executed thousands of pairs of ... (read more)