Deutsche Bank To Pay USD 630 M Fine for Money Laundering

Business | January 31, 2017, Tuesday // 15:50
Bulgaria: Deutsche Bank To Pay USD 630 M Fine for Money Laundering BGNES

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.



We need your support so can keep delivering news and information about Bulgaria! Thank you!

Business » Be a reporter: Write and send your article
Tags: Deutsche Bank, Russia, money laundering, USA, Britain, regulators

Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria