19 Dec 2017
At the end of January 2017, the UK’s Financial Conduct Authority announced its largest ever penalty for anti-money laundering failures. It fined Deutsche Bank £163 million ($204 million) for lacking ‘an adequate AML control framework’ between 2012 and 2015. US regulators levied an additional $425 million against the bank for the same issue.
Specifically, Deutsche is alleged to have facilitated $10 billion in Russian ‘mirror-trades’ which could have been used to launder money and evade Russian capital controls. This KYC360 case study explains how mirror trading works.
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