Deutsche Bank Fined in Plan to Help Russians Launder $10 Billion – The New York Times

Deutsche Bank agreed on Monday to pay a $425 million fine to New York State’s main financial regulator to settle charges that it helped Russian investors launder as much as $10 billion through its branches in Moscow, London and New York.The punishment represents the latest regulatory black eye for Deutsche Bank, Germany’s largest. In the last decade, it has been implicated in several financial scandals, including pushing toxic mortgages on investors and manipulating London’s main lending rate for its own financial gain.

Deutsche Bank also agreed to pay 163 million pounds, or about $204 million, in civil penalties in a separate settlement with the Financial Conduct Authority of Britain in the matter, the bank and the regulator said on Tuesday.

In its investigation, the New York State Department of Financial Services found that between 2011 and 2015, a group of Deutsche Bank executives based mainly in Moscow and London helped wealthy Russians send money overseas by arranging stock trades that had no economic purpose other than disguising what the client was doing.

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