Deutsche Bank in regulatory hot water over money laundering in Russia


The New York State Department of Financial Services overseen by renowned regulatory figure Benjamin Lawsky is investigating the activities of Deutsche Bank AG (FRA:DBK) in Russia.

According to various media reports, the large financial institution is under scrutiny by New York’s state financial regulator for suspected money laundering.

The media reports indicate that New York Department of Financial Services is conducting the investigation in order to ascertain whether $6 million in trades made by Deutsche Bank on behalf of Russian clients constitutes money laundering.

A report by Bloomberg details that the regulatory authority is attempting to establish whether the Moscow operation would have helped Russian clients circumvent Western economic sanctions. DFS has asked Deutsche Bank to give a full list of the employees involved in the suspicious trading, the identities of counterparties involved, e-mails and other materials.

Last month, Deutsche Bank embarked on an internal investigation into secutiries trades which were allegedly associated with a $6 million money laundering effort in Russia. During this investigation, Deutsche Bank examined trades carried out between 2011 and early 2015.

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Deutsche Bank in regulatory hot water over money laundering in Russia

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