Deutsche Bank AG will pay $425 million to settle an investigation by New York’s financial-services watchdog into violations of the state’s anti-money-laundering laws through a so-called “mirror trading” scheme that transferred $10 billion out of Russia, the Department of Financial Services said Monday.
The bank “missed key opportunities to detect, intercept and investigate” the scheme, according to DFS, in which companies that were clients of its Moscow equities desk issued orders to purchase Russian blue-chip stocks in rubles, while a related party would sell the same stock for the same price in the same amount through the bank’s London branch.
A Justice Department investigation into the Russian trades has been ongoing, and it is unclear if or when a settlement might be reached.
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