The Financial Conduct Authority (FCA) has fined Deutsche Bank £163m for failing to prevent 'Russian mirroring' trades between 2012 and 2015.
The FCA said this was the largest fine for anti-money laundering (AML) controls failings ever imposed by it or its predecessor, the Financial Services Authority. In addition, the bank agreed to pay US state banking regulator, the New York Department of Financial Services, $425m for the same failings. Deutsche Bank failed to prevent transfers of about $10bn of unknown origin from Russia to offshore bank accounts in a way that was "highly suggestive of financial crime" to the regulator. As a result it exposed the UK financial system to the risks of financial crime, the FCA said. ...
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