Published On: Tue, Jan 31st, 2017

Mirror trade issue: Deutsche Bank has been fined

 

 

 

 

 

 

 

 

In the latest case of money laundering crimes, the Deutsche Bank, which had been allegedly helping the laundering process through the mirror trade schemes between 2011 and 2015, has been fined by the United States and United Kingdom regulators. The investigators have reportedly identified that the clients of the tainted bank had illegally moved nearly ten billion US dollars out of Russia with or without the direct or indirect help of the bank. According to the media report, the investigators have accused the bank of not trying to check or block the alleged laundering process. As per the investigator’s opinion, the bank got enough opportunity to block their clients from performing the illicit trade, they added. It is learned that the controversial mirror trade operated in a way that a stock would be purchased by a client of the bank in roubles in Russia and the same stock was sold by their counterpart in London through the bank’s London branch. The investigators have pointed out that even though the bank’s internal investigative authorities could easily detect this illicit operation, it kept a close eye on this issue, triggering more suspicion over the illicit business. Anyway, it is told that the bank management has agreed to cooperate with the regulation authority and to pay the fine. The bank has to pay nearly 425 million US dollars as the fine to the US authorities and over 163 million Euros, approximately 204 US dollars, to the UK authorities.    In total, the bank has to pay around 630 million US dollars as a fine to the regulation authorities of UK and US. While speaking to the media personals regarding the regulation authorities’ punishment, the bank authorities acknowledge that they have kept aside adequate money to meet the cost of the fine.

Vignesh

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Mirror trade issue: Deutsche Bank has been fined