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
Sharpe Pritchard—Victoria Heald-Barraclough
Magic Circle hire strengthens Sharpe Pritchard’s infrastructure finance capability
Lewis Silkin—Iskander Fernandez
Lewis Silkin adds corporate crime specialist to growing dispute resolution team
Morr & Co—Michael Charalambous
Morr Co strengthens private client team with partner appointment
NEWS
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