U.S. federal prosecutors are investigating billions of dollars of trades Deutsche Bank made on behalf of Russian clients as recently as this year, according to people with knowledge of the situation.
Bloomberg News reports that the Justice Department’s criminal probe, which hasn’t been previously reported, focuses on so-called mirror trades, these people said. Such trades may have allowed Russian clients to move funds out of the country without properly alerting authorities, a person familiar with the situation has said.
The probe brings to at least three the number of unresolved U.S. criminal investigations against the bank, including scrutiny of whether it rigged benchmark foreign-exchange rates and violated U.S. sanctions laws. The Justice Department is also looking into the bank’s dealings in mortgage- and asset-backed securities.
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