US authorities are investigating German banking giant Deutsche Bank over alleged money laundering in Russia, people familiar with the matter said Monday.
The investigation centers on billions of dollars’ worth of transactions carried out by Deutsche Bank in Russia that New York state regulators believe may have been used to disguise money illegally moved out of Russia, the sources told AFP.
The New York Department of Financial Services began the investigation of Deutsche Bank early this summer, sources said.
According to these sources, Russian clients unsuccessfully attempted to bribe a Deutsche Bank employee in Moscow in a bid to hide the origin of their money.
A Deutsche Bank spokeswoman said that Germany’s largest lender had placed on leave “a small number of individuals” in its Moscow office pending an internal review.
“We are committed to participating in international efforts to detect and combat suspicious activities and we take strong action where we find evidence of misconduct,” she said.
Full content: The Moscow Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI