FRANKFURT (Web Desk) – Deutsche Bank AG (DBKGn.DE) is reportedly probing money laundering transactions by some of its clients in Russia which could exceed $6 billion.
“ Transactions conducted over a period of years are being investigated, and the sum could exceed $6 billion, the source said,” a source told Reuters, adding that the internal probe of the possible abuse being conducted by Deutsche Bank is in its initial stages.
The Deutsche Bank repeated a statement from May 20, saying it had suspended a small number of traders in Moscow and was conducting an internal review, but gave no details of the reason for the suspension.
“We have pledged to uphold the highest standards in combating suspicious activities and will take tough measures if we find evidence of wrongdoing,” the statement said. Up to three staff have been laid off by the bank, the source said.
“The misconduct was on the part of the client. The bank got used. The internal probe will try to determine how the bank got used,” the source said.
Launderers used ‘relatively simple transactions’ conducted in different locations using the dollar and rouble currencies, the source said.
The European Central Bank, German regulator BaFin as well as the FCA and DFS have been informed about the internal investigation, the source also said.
