01 February 2017
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.
