Wednesday, August 5 2020


FCA hands Deutsche Bank record 163 million pound fine for Russia trades

Update: January, 31/2017 - 15:30
The headquarters of Germany’s Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. — Photo REUTERS
Viet Nam News

Britain’s financial regulator fined Deutsche Bank 163 million pounds (US$203.70 million) for serious failings in relation to anti-money laundering controls, it said on Tuesday.

The fine was the biggest ever imposed by the Financial Conduct Authority or its predecessor, the Financial Services Authority.

The regulator said that inadequate controls by Deutsche Bank meant that its Russian subsidiary was able to execute more than $6 billion of so-called "mirror trades", where stocks were bought in roubles and sold at the same time in US dollars, in a manner "highly suggestive of financial crime".

It added that a further $3.8 billion in suspicious "one-sided" trades also occurred.

On Monday, New York’s banking regulator said Deutsche Bank had agreed to pay it $425 million for the "mirror trading" scheme, saying the lender had conducted its business in an unsafe and unsound manner. — REUTERS



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