Deutsche Bank has identified as much as $4bn in suspicious transactions related to its Russian operations, in addition to $6bn in so-called mirror trades it is examining, said several people with knowledge of the bank’s review of the matter.
Bloomberg News reports that means the bank flagged as much as $10bn in total trades that may not have been vetted for money laundering as clients moved money out of Russia. Among the previously unreported trades under scrutiny are ones that consistently went in the same direction - primarily buy orders, for example - according to people familiar with the matter.
The bank shared those findings with international authorities in September, according to two people familiar with the bank’s report on the trades. U.S. prosecutors were previously reported to be looking into whether Deutsche Bank’s handling of the mirror trades may have violated U.S. anti-money laundering rules. The U.S. officials have also been made aware of the additional suspicious trades, said the people familiar with the matter.
While Russia’s central bank levied a small fine on Deutsche Bank after looking into some of the bank’s trading in the country, the U.S. Justice Department’s investigation continues.
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