Deutsche Bank has incurred the largest financial penalty for breach of anti-money laundering regulations ever imposed by the Financial Conduct Authority (FCA) or its predecessor, the Financial Services Authority. The £163m fine is for failing to perform customer due diligence between 1 January 2012 and 31 December 2015. Approximately US$10bn, of unknown origin, was transferred via “mirror trades” using Deutsche Bank, from Russia to offshore bank accounts in a manner highly suggestive of financial crime, the FCA said. The bank got a 30% discount on the fine for co-operating with the authorities.
01 February 2017
Deutsche fined £163m
MOVERS & SHAKERS
Browne Jacobson—Caroline Barker & Tom Walker
Browne Jacobson recruits regulatory experts Caroline Barker and Tom Walker to bolster health, government and corporates practices
Jackson Lees Group—Paul Harrison, Helen Innes & Sorcha McMullan
Partner and paralegals bolster clinical negligence team at Jackson Lees Group
Stone King—Manchester
Stone King triples Manchester footprint with office move as law firm’s rapid growth journey continues
NEWS
Group claims, disputed costs and judicial recruitment dominate the latest courtroom round-up
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Pressure is mounting for a dedicated UK AI law, but deciding what it should achieve remains the central challenge
Legal professional privilege has checked the SRA’s investigative powers, exposing difficult questions about tackling suspected abusive litigation
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