from IBT:
U.S. watchdogs are widening their investigation into Deutsche Bank AG after it emerged that money laundering at the bank’s Moscow division could be linked to potential sanctions violations, sources told the Financial Times. The investigation is one of the first by U.S. regulators into a likely breach of Western sanctions against Russia, which were triggered by the country’s 2014 Crimea annexation, the newspaper reported Sunday.
The U.S. Department of Justice and New York’s Department of Financial Services are widening the probe involving $6 billion worth of trades because certain transactions allegedly involved U.S. dollars and a former American banker, according to the Financial Times. The investigation also centered on “mirror trades” that allow the bank’s Russian clients to move funds out of the country without properly notifying officials, the daily reported.
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