Monday, October 26, 2020

Deutsche Bank shares slip amid $20 billion Russian money-laundering allegations

-

Shares in Deutsche Bank DBK-DE slipped nearly 2% on Thursday morning following reports the German bank could face legal action over a $20 billion Russian money-laundering scheme.

The Guardian, on Wednesday, published a confidential internal report in which the bank admits fears over “significant disciplinary action” from U.S. and U.K. regulators, conceding that the scandal had hurt its “global brand” and was likely to cause “client attrition” and a decline in market value.

Deutsche Bank is said to have been implicated in a massive money-laundering scheme, called the Global Laundromat, The Guardian reported. The scheme, used by Russian criminals with ties to the Kremlin and the old KGB and FSB, involved moving money into the western financial system between 2010 and 2014. According to the Guardian report, the cash involved could total $80 billion.

The bank could face fines, legal action and the possible prosecution of ‘senior management’ for its role in the scheme.

- Advertisement -

A spokesman for Deutsche Bank declined to comment on the ongoing investigations, but told CNBC Thursday: ‘Deutsche Bank remains committed to providing appropriate information to all authorized investigations.”

- Advertisement -
- Advertisement -

MUST READ

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

UAE suspends licences of 200 law firms over anti-money laundering compliance

Practicing licences of 200 law firms in the UAE have been suspended for a month for not following the prescribed procedures to combat money...

Former Harris County deputy constable pleads guilty to transporting drug money and heroin

A former Harris County deputy constable and her husband pleaded guilty Wednesday to charges of conspiracy to possess with intent to distribute heroin, according...

UK regulators fine Goldman Sachs £97 million over 1MDB scandal

Goldman Sachs International has been fined £96.6m by UK regulators for risk management failures connected to the 1MDB scandal. The Financial Conduct Authority and Prudential...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks