U.K. and U.S. authorities fined Deutsche Bank of Germany $629 million for helping crooked Russian plutocrats move $10 billion out of Russia.
From April 2012 to October 2014, mirror trades were used by Deutsche Bank customers to transfer more than $6 billion from Russia, through the German lender’s arm in the U.K., to overseas bank accounts including in Cyprus, Estonia, and Latvia, the FCA said. Another nearly $4 billion in suspicious "one-sided trades" were also carried out.
The mirror trades allowed clients to buy local blue-chip shares for rubles, while the same stocks would be sold in London for dollars, in order to obtain the U.S. currency. Although such trades can be legal, there was a lack of controls in place at Deutsche Bank to prevent money laundering and other offenses.
A couple of weeks ago Western Union was fined $586 million for colluding with organized crime. The CEOs of both companies kept their jobs.
By Christoph F. Siekermann - Fotografiert am 17. September 2005, CC BY-SA 3.0, Link
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