NYDFS and UK FCA Fines Deutsche Bank a Combined $629m for AML Violations

Jan 30, 2017

Deutsche Bank AG and its New York branch have been ordered to pay a $629 million fine and hire an independent monitor as part of a consent order entered into with the New York State Department of Financial Services (NYDFS) and the UK’s Financial Conduct Authority (FCA) for violations of anti-money laundering laws involving a “mirror trading” scheme among the bank’s Moscow, London and New York offices that laundered $10 billion out of Russia.

The NYDFS investigation – which was undertaken while working closely with the FCA - found that the bank failed to act on numerous occasions to detect, investigate and stop the scheme due to extensive compliance failures, allowing the scheme to continue for years. 

Read Press Release here

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