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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Brumar89 who wrote (1041766)

12/6/2017 4:14:24 PM

From: Brumar89

Respond to of 1578999

Deutsche Bank's history of Russian money laundering means Deutsche Bank IS a legit part of the Russia investigation. From January of this year:

The giant German lender was hit with about $630 million in penalties on Tuesday over a $10 billion Russian money-laundering scheme that involved its Moscow, New York and London branches.

It follows a $7.2 billion settlement Deutsche Bank reached with the U.S. Department of Justice last month over toxic mortgage assets and the $2.5 billion it agreed to pay in 2015 over interest rate manipulation.

The latest fines penalize Deutsche Bank ( DB)'s failure to deal with a stock-trading scheme that enabled some of its clients in Russia to improperly move huge sums of money out of the country and into offshore accounts, according to regulators.

"The bank missed numerous opportunities to detect, investigate and stop the scheme due to extensive compliance failures, allowing the scheme to continue for years," the New York State Department of Financial Services said in a statement.

Deutsche Bank was fined $425 million by the New York agency and £163 million ($204 million) by the U.K. Financial Conduct Authority.

"The failings of Deutsche Bank are simply unacceptable," said Mark Steward, the U.K. authority's director of enforcement. It said the way billions of dollars were transferred into overseas bank accounts in places like Cyprus, Estonia and Latvia was "highly suggestive of financial crime."

Under the U.S. settlement, the German lender will have to bring in an independent monitor to review how it handles banking secrecy and anti-money laundering rules.

money.cnn.com