Washington tells Deutsche Bank to wind up its business in Russia
Deutsche Bank is reportedly planning to expand its Russian business, despite a spate of scandals connected to cases of money-laundering, and a series of hefty fines for failure to act against them.Also on rt.com Hong Kong slaps Goldman Sachs with record fine over looting of Malaysia’s state fund
The call from Chicago-based law firm Jenner & Block came as the efforts taken by the bank’s subsidiary in Russia against money-laundering practices were deemed insufficient, according to sources connected to the matter as quoted by the Wall Street Journal. The monitors reportedly said Deutsche Bank runs a high risk of potential prosecution if it keeps doing business in Russia.
The US set up a watch on the financial activity of Deutsche Bank’s branch in Russia after one of the world’s biggest lenders was fined $425 million by the New York State Department of Financial Services and £163 million by the UK Financial Conduct Authority, in connection with laundering $10 billion out of Russia.Also on rt.com JPMorgan & top global banks moved trillions in dirty money for oligarchs & criminal networks - ICIJ report
The monitoring agency has no legal right to dictate the bank’s policy. However, the monitors can pass on information to the New York financial watchdog, which is in a position to impose fines and introduce sanctions.
Earlier this year, US regulators suspected Deutsche Bank of facilitating more than half of the $2 trillion of suspicious transactions around the world that were flagged between 1999 and 2017.
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