Deutsche Bank to pay $425M to settle New York probe

NEW YORK (AP) " Deutsche (DOY'-chuh) Bank will pay $425 million to settle an investigation by a New York state regulator into a $10 billion money laundering scheme.

The Department of Financial Services said Monday Deutsche also must hire an independent monitor as part of a consent order for violations of laws involving a "mirror trading" scheme.

The regulator found that parties in the bank's Moscow branch purchased Russian stocks in rubles and another party sold the identical stock in the same price and quantity in U.S. dollars through the bank's London office. It says the trades showed no "legitimate economic rationale."

The regulator says Deutsche missed numerous opportunities to detect the scheme due to "extensive compliance failures."

Deutsche Bank AG is based in Frankfurt, Germany. It says it continues to cooperate with authorities.

This story has been automatically published from the Associated Press wire which uses US spellings

Get the news delivered straight to your inbox

Receive the day’s news, sport and entertainment in our daily email newsletter


© Copyright 2017, NZME. Publishing Limited

Assembled by: (static) on production bpcf03 at 29 Mar 2017 15:27:20 Processing Time: 387ms