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
Signature Litigation—Catherine Naylor
International fraud and asset recovery offering boosted by partner hire
Stevens & Bolton—Alexa Payet
Private wealth disputes team adds contentious probate specialist
Morgan Lewis—Paul Feldberg
Firm strengthens investigations and sanctions capabilities with London partner hire
NEWS
Cheshire West, which established an ‘acid test’ for deprivation of liberty safeguards, has been overturned by the Supreme Court
The Chancery Division and other segments of the High Court are to be replaced by a new Business and Property Division (BPD), in a major civil justice shakeup
Law firms that hold client money will need to file annual accountants’ reports and make a declaration, the Solicitors Regulation Authority (SRA) confirmed this week
Two district judges and a tribunal judge have been sanctioned for delays in delivering judgments and orders
Private equity (PE) investment into UK law firms halved to £250m last year, but deal volume rose, according to research by Acquira Professional Services’ Momentum private equity market tracker
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