|
 Transactions conducted over a period of years are being
investigated, and the sum could exceed $6 billion, the source said,
adding that the internal probe of the possible abuse being conducted
by Deutsche Bank is in its initial stages.
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.
Bloomberg on Friday reported that about $6 billion of transactions
over about four years were being investigated, citing people
familiar with the matter.
The report came as Deutsche Bank strains to put a raft of legal and
regulatory problems entailing billions of dollars in fines and
settlements behind it and focus on delivering a new strategy that
will satisfy shareholders.
[to top of second column] |
Germany's Manager Magazin last month cited people familiar with the
matter as saying that Deutsche Bank was investigating whether its
employees in Moscow may have helped launder at least a triple-digit
million-euro amount of money through the purchase and sale of
over-the-counter derivatives in Moscow and London.
Bloomberg said Deutsche Bank was looking through data on
transactions from 2011 through early 2015, and cited one of its
sources as saying the Bank of Russia had asked Deutsche Bank to
probe stock-trading activities of some of its Russian clients in
October.
Financial supervisors in the UK, Russia and Germany were informed
about the matter, two people familiar with the situation told
Reuters.
The ECB, FCA and German financial market watchdog Bafin declined to
comment.
(Reporting by Thomas Atkins, Jonathan Gould and Alexander Huebner in
Frankfurt, Huw Jones in London and Abhiram Nandakumar in Bengaluru;
Editing by Noah Barkin, Ted Kerr and Georgina Prodhan)
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