Deutsche Bank Internal Probe Found €175 Million of Russian Dirty Money

Deutsche Bank has estimated that it processed at least €175m of dirty money for Russian criminals between 2011 and 2014 and has braced itself for potential fines, litigation and prosecution of individual managers in response, the Financial Times reported. The suspected money laundering was part of a $20bn scheme dubbed the “Russian Laundromat” that was exposed by the Organised Crime and Corruption Reporting Project, a network of investigative journalists, in March 2017. One year later, two senior Deutsche Bank anti-financial crime executives updated the lender’s supervisory board on an internal investigation into its role in the scandal, according to a “strictly confidential” presentation on April 24 last year that was first reported by The Guardian. Deutsche Bank confirmed the authenticity of the presentation but declined to comment further. The internal assessment exposes another area of money-laundering failings at Germany’s largest lender, which is in talks about a merger with domestic rival Commerzbank. Read more

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