The New York Department of Financial Services said the trades “lacked economic purpose and could have been used to facilitate money laundering or enable other illicit conduct”. Shortly afterwards identical quantities of the same shares would be sold at the same price through its London branch.ĭFS Fines Deutsche Bank $425 Million for Russian Mirror-Trading Scheme
One scheme involved the bank’s Moscow, London and New York offices buying Russian companies’ shares in roubles on behalf of clients.
It had failed to prevent around $10 billion (9.29 billion euros) in suspicious trades out of Russia between 20. Deutsche Bank has agreed to pay the equivalent of $630 million (585 million euros) in fines to US and British regulators over money laundering.
