Russia’s central bank fined Deutsche Bank less than $5,000 for compliance failures in a probe into alleged trading violations, said people with knowledge of the matter, after the Russian regulator audited transactions at the bank’s Moscow office that are under broader scrutiny by U.K. regulators and U.S. prosecutors.
Bloomberg News reports that the Russian regulator’s probe cited no significant violations of anti-laundering controls connected with so-called mirror trades between Moscow and London, fining the bank for largely technical shortcomings in its procedures, the people said.
With the fine and findings, the Bank of Russia steps aside for now from a line of inquiry it helped set in motion: In October 2014, it asked Deutsche Bank to monitor several accounts for potentially suspicious transactions, people familiar with the matter said. Deutsche Bank said earlier this year that it was looking into trades from 2012 to early 2015 - nearly $6bn altogether, according to people familiar with the situation. The bank added in October that its own review turned up violations of its internal policies and deficiencies in controls.
To access the complete Bloomberg News article hit the link below:
Have something to tell us about this article?