Friday, October 23, 2020

German prosecutors fine Deutsche Bank $15.9m, drops money laundering probe

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German prosecutors said on Tuesday they were dropping a money-laundering investigation against managers at Deutsche Bank DBKGn.DE, over its relations with Danske Bank’s DANSKE.CO Estonian subsidiary, citing a lack of evidence.

The economic crimes unit at the Frankfurt Prosecutor’s Office also fined Deutsche Bank 13.5 million euros ($15.9 million) for being slow to report suspected money laundering in more than 600 cases.

 

The case related to a whistleblower’s claims that Danske had handled 200 billion euros in suspicious payments from Russia and other ex-Soviet republics between 2007 and 2015 – the bulk of which were processed by Deutsche Bank.

Deutsche Bank, which broke off its relationship with Danske in 2015, has consistently denied wrongdoing.

 
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“With the end to proceedings, it is clear that there were no criminal lapses on the part of Deutsche Bank or its staff,” board member Stefan Simon said in a statement.

The fine relates to delays in reporting suspicious transactions between 2010 and 2015 in connection with the so-called “Azerbaijani Laundromat”, which allegedly sent money to Europe to influence politicians, prosecutors said.

 

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