NY Fines Deutsche Bank For Letting Russians Launder $10B
By Cara Bayles (January 30, 2017, 9:41 PM EST) -- Deutsche Bank AG and its New York branch will pay a $425 million fine for their role in a money laundering scheme to move $10 billion out of Russia, according to an agreement reached Monday with the New York State Department of Financial Services.
The consent order also calls for an independent monitor to review the bank's anti-money laundering compliance programs, which failed to implement procedures that might have caught the "mirror trades" that "had no discernible economic purpose" other than converting rubles into dollars held by offshore companies.
In a statement, Financial Services Superintendent Maria T. Vullo said the state...
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