Relief at size of Deutsche’s trading fines
Moving money out of Russia results in $629m penalty
London — Deutsche Bank has been fined $629m by UK and US authorities for compliance failures that saw the bank help wealthy Russians move about $10bn out of the country using transactions that were probably thinly veiled attempts to cover up crime. The UK Financial Conduct Authority issued a $204m fine on Tuesday, hours after New York’s department of financial services fined the bank $425m for failures over so-called mirror trades. A criminal investigation by the US justice department is continuing into the trades, which were used to convert roubles into dollars and transfer the money out of Russia. The settlement "was quicker than expected", said Lutz Roehmeyer of LBB Invest in Berlin. Some people feared the fines would amount to billions of dollars. He expected a settlement of the department of justice investigation for an amount similar to those of the other two authorities. Deutsche Bank shares rose in Frankfurt trading as the deal removed another source of uncertainty that had ...
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