Deutsche Bank Fined $15.9M For Money Laundering Failings
Law360, London (October 13, 2020, 5:21 PM BST) -- Deutsche Bank AG has been fined €13.5 million ($15.9 million) for failing to promptly report suspected money laundering activity in its dealings with the Estonian branch of Danske Bank, German prosecutors said Tuesday.
Prosecutors in the city of Frankfurt said their investigation was prompted by media reports in 2018, in which a former employee of Danske Bank A/S in Estonia alleged that the Danish lender was being used to launder money from Russia and other former Soviet republics between 2007 and 2015.
Deutsche Bank served as a correspondent bank for Danske Bank Estonia until 2015. German investigators determined that Deutsche Bank...
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