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| Deutsche Bank fined by regulators over money laundering claims | Deutsche Bank fined by regulators over money laundering claims |
| (35 minutes later) | |
| Deutsche Bank has been fined $630m (£504m) by US and UK regulators in connection with a Russian money laundering plan. | Deutsche Bank has been fined $630m (£504m) by US and UK regulators in connection with a Russian money laundering plan. |
| Under the scheme, clients illegally moved $10bn out of Russia via shares bought and sold through the bank's Moscow, London and New York offices. | Under the scheme, clients illegally moved $10bn out of Russia via shares bought and sold through the bank's Moscow, London and New York offices. |
| Authorities said Deutsche had missed "numerous opportunities" to detect, investigate and stop the scheme. | Authorities said Deutsche had missed "numerous opportunities" to detect, investigate and stop the scheme. |
| Deutsche Bank said it was co-operating with regulators. | Deutsche Bank said it was co-operating with regulators. |
| It also said it had put aside money to cover the cost of the settlement. | It also said it had put aside money to cover the cost of the settlement. |
| During the investigation, New York authorities and Britain's Financial Conduct Authority (FCA) found that so called "mirror" trades had been carried out through the bank between 2011 and 2015. | |
| Clients would purchase stocks in rubles in Moscow before their counterparts sold the same stock at the same price through the bank's London branch. | Clients would purchase stocks in rubles in Moscow before their counterparts sold the same stock at the same price through the bank's London branch. |
| 'Unsafe and unsound' | 'Unsafe and unsound' |
| "By converting rubles into dollars through security trades that had no discernible economic purpose, the scheme was a means for bad actors within a financial institution to achieve improper ends while evading compliance with applicable laws," according to the legal document detailing the settlement with DFS. | "By converting rubles into dollars through security trades that had no discernible economic purpose, the scheme was a means for bad actors within a financial institution to achieve improper ends while evading compliance with applicable laws," according to the legal document detailing the settlement with DFS. |
| Regulators blasted the bank for failing to spot the ruse, saying it had conducted its business in an "unsafe and unsound" manner. | Regulators blasted the bank for failing to spot the ruse, saying it had conducted its business in an "unsafe and unsound" manner. |
| They also said the lender's anti-financial crime teams were ineffective and understaffed. | They also said the lender's anti-financial crime teams were ineffective and understaffed. |
| In total, New York authorities fined the bank $425m while the UK's FCA's fine was £163m, or about $204m. | |
| In addition to paying the settlement, Deutsche Bank also will be required to hire an outside monitor to review its internal compliance measures. | In addition to paying the settlement, Deutsche Bank also will be required to hire an outside monitor to review its internal compliance measures. |
| It comes less than two weeks after the German bank finalised a $7.2bn settlement with the US Justice Department over its role in the 2008 financial crisis. | It comes less than two weeks after the German bank finalised a $7.2bn settlement with the US Justice Department over its role in the 2008 financial crisis. |
| In addition to Monday's action, regulators fined three other banks for violations of anti-money laundering laws. | In addition to Monday's action, regulators fined three other banks for violations of anti-money laundering laws. |
| Italy's Intesa Sanpaolo was fined $235m, Agricultural Bank of China was fined $215m and and Mega Bank of Taiwan was fined $185m. | Italy's Intesa Sanpaolo was fined $235m, Agricultural Bank of China was fined $215m and and Mega Bank of Taiwan was fined $185m. |
| Mirror trades - how do they work? | Mirror trades - how do they work? |