Case Studies
How does mirror trading work?
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.

  Download

You can claim CPD minutes for this content, by signing up to our CPD Wallet

FREE CPD Wallet
Categories: Banking, Latest Press, Money Laundering, Money Transfer, Russia
Popular

AML Roundup: Money laundering and organised crime – EBA extends AML/CFT controls to crypto service providers – FSB issues warning about complex crypto firms – Money Laundering, Fraud, Corruption, & Bribery – Regulation, Legislation and Sustainability – Gaming and Gambling – Crypto & Virtual Assets – Sanctions

AML Roundup: Binance CEO admits money laundering charges – Regulation in the age of AI – Creating a circular green economy – Money Laundering, Fraud, Corruption, & Bribery – Regulation, Legislation and Sustainability – Gaming and Gambling – Crypto & Virtual Assets – Sanctions

AML Roundup: Basel AML Index shows risks are rising – SEC collects almost $5bn in fines – 48 countries sign up to CARF crypto tax reporting – Money Laundering, Fraud, Corruption, & Bribery – Regulation, Legislation and Sustainability – Gaming and Gambling – Crypto & Virtual Assets – Sanctions

AML Roundup: FCA wants better anti-fraud systems – EU reaches deal on digital identity and wallet – New UK stablecoin regulations published – Money Laundering, Fraud, Corruption, & Bribery – Regulation, Legislation and Sustainability – Gaming and Gambling – Crypto & Virtual Assets – Sanctions

AML Roundup: FATF updates black and grey lists – Economic Crime and Corporate Transparency Act becomes law – UK to publish crypto regulations – Money Laundering, Fraud, Corruption, & Bribery – Regulation, Legislation and Sustainability – Gaming and Gambling – Crypto & Virtual Assets – Sanctions

Must Read

AML Roundup: Money laundering and organised crime – EBA extends AML/CFT controls to crypto service providers – FSB issues warning about complex crypto firms – Money Laundering, Fraud, Corruption, & Bribery – Regulation, Legislation and Sustainability – Gaming and Gambling – Crypto & Virtual Assets – Sanctions

AML Roundup: Binance CEO admits money laundering charges – Regulation in the age of AI – Creating a circular green economy – Money Laundering, Fraud, Corruption, & Bribery – Regulation, Legislation and Sustainability – Gaming and Gambling – Crypto & Virtual Assets – Sanctions

AML Roundup: Basel AML Index shows risks are rising – SEC collects almost $5bn in fines – 48 countries sign up to CARF crypto tax reporting – Money Laundering, Fraud, Corruption, & Bribery – Regulation, Legislation and Sustainability – Gaming and Gambling – Crypto & Virtual Assets – Sanctions

AML Roundup: FCA wants better anti-fraud systems – EU reaches deal on digital identity and wallet – New UK stablecoin regulations published – Money Laundering, Fraud, Corruption, & Bribery – Regulation, Legislation and Sustainability – Gaming and Gambling – Crypto & Virtual Assets – Sanctions

AML Roundup: FATF updates black and grey lists – Economic Crime and Corporate Transparency Act becomes law – UK to publish crypto regulations – Money Laundering, Fraud, Corruption, & Bribery – Regulation, Legislation and Sustainability – Gaming and Gambling – Crypto & Virtual Assets – Sanctions