Deutsche Bank Ends N.Y. Mirror-Trade Probe for $425 Million
- Separate U.K. deal said to include an additional penalty
- U.S. said to continue criminal investigation of Moscow trades
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Deutsche Bank AG has taken the first step to resolve allegations that it helped wealthy Russians launder billions of dollars, reaching a deal with New York’s Department of Financial Services that requires it to pay a $425 million penalty, the regulator said.
The New York settlement, approved by the bank on Monday, resolves allegations that Deutsche Bank employees used a “mirror-trading scheme” to help wealthy Russians move $10 billion out of that country from 2011 through 2014. The New York regulator said it appears that a close relative of a Deutsche Bank supervisor in Moscow received bribes worth a quarter million dollars so that the supervisor would clear the trades.