Deutsche Bank and Bank of America have been contacted by U.S. criminal investigators for information about transactions they handled for a small bank branch in Estonia that’s at the center of one of the biggest money-laundering investigations in history, according to two people familiar with the matter.
The banks, among the world’s largest, were correspondent banks for the Tallinn, Estonia, branch of Danske Bank that is the focus of multiple international investigations. The Danish bank acknowledged that the branch moved nearly a quarter trillion dollars’ worth of cash into the global financial system, much of it from potentially illicit activity in Russia. It used the three banks’ global presence to convert foreign cash into U.S. dollars on behalf of its clients from 2007 to as recently as 2015.
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