MONEY LAUNDERING

Deutsche Bank Reaches $630 Million Settlement over Russia Trades

  • Why it matters

    Why it matters

    The latest settlement will ease the pressure on Deutsche Bank, which has resolved to settle its outstanding legal cases as quickly as possible. 

  • Facts

    Facts

    • Deutsche Bank agreed to pay $630 million in fines over over allegations that it helped Russian clients illegally move money across borders through mirror trading.
    • The New York State Department of Financial Services announced the settlement of $425 million on Monday, while the U.K. Financial Conduct Authority announced on Tuesday a penalty of £163 million or some $204 million.
    • Deutsche Bank said in a statement that it has cooperated with the investigation and has set aside sufficient cash in its reserves to cover the fine.
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    Audio

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Deutsche Bank in Russland
From Russia with love. Photo: DPA

Deutsche Bank agreed to pay approximately $630 million in fines to settle allegations that it helped Russian clients illegally move money across borders.

The New York State Department of Financial Services said Monday evening it would be issuing a fine of $425 million, while the U.K’s Financial Conduct Authority announced on Tuesday a penalty of £163 million or some $204 million.

The joint settlement by the U.S. and U.K. authorities is lower than the $1 billion originally anticipated. Investors cheered the settlement, sending Deutsche Bank’s stock up as much as 2 percent. By 09:37 A.M. in Frankfurt, shares were up 1.6 percent at 18.88, outperforming the German blue-chip DAX Index, which rose 0.1 percent.

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