Deutsche Bank receives USD 204 mln fine for faulty anti-money laundering controls

Tuesday 31 January 2017 00:27 CET | News

Deutsche Bank has received a fine of USD 204 million by UK-based regulator FCA for anti-money laundering control failings.

According to the British regulator Financial Conduct Authority (FCA), Deutsche Bank exposed the UKs financial system to the risks of financial crime between January 2012 and December 2015.

Due to the inadequate controls, Deutsche Bank customers and DB Moscow, its Russia-based branch, transferred more than USD 6 billion from Russia to overseas accounts through Deutsche Bank in the UK in a process called mirror trades.

Deutsche Bank said in a statement that it reached settlements with the UKs FCA on investigations into the banks anti-money laundering controls in its investment banking division. Karl von Rohr, chief administrative officer at Deutsche Bank, said the bank has taken a number of steps to improve such controls.

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Keywords: anti-money laundering, regulation, security, banking, Deutsche Bank
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
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Securing Transactions


Securing Transactions