Leaked FinCEN files show Deutsche Bank tops list of suspicious transactions


A pedestrian with a umbrella walks pass a logo of Deutsche Bank in Frankfurt am Main, Germany.

Thomas Lohnes | Getty Images

SINGAPORE — Germany’s largest lender Deutsche Bank appears to have facilitated more than half of the leaked $2 trillion of suspicious transactions that were flagged to the U.S. government over nearly two decades, reported German broadcaster Deutsche Welle (DW).

Those documents showed that between 1999 and 2017, $1.3 trillion of $2 trillion in leaked transactions that were flagged as suspicious passed through Deutsche Bank, according to the DW report.

The leaked documents contained suspicious activity reports that banks and other financial institutions filed with the U.S. Department of Treasury’s Financial Crimes Enforcement Network, or FinCEN. Financial firms are required by law to alert regulators when they detect activities that may be suspicious, such as money laundering or sanctions violations. Such reports are not necessarily evidence of any criminal conduct.

In a statement posted on its website, the German bank said the incidents in the leaked documents “have already been investigated and led to regulatory resolutions in which the bank’s cooperation and remediation was publicly recognized. Where necessary and appropriate, consequence management was applied.”

It also said that it has “devoted significant resources to strengthening our controls” and “are very focused on meeting our responsibilities and obligations.”

Deutsche Bank has previously been found to facilitate financial transactions that violate U.S. sanctions. In 2015, Deutsche Bank agreed to pay fines worth $258 million for doing business with U.S.-sanctioned countries including Iran, Syria, Libya, Sudan and Myanmar, according to DW.  But the leaked FinCEN documents suggested that the bank had continued to move suspicious funds after that 2015 settlement, the report said.

Read more about Deutsche Bank’s suspicious transactions in the report by Deustche Welle.



Source link

Discover

Sponsor

Latest

Amazon introduces new Auto Mode for Alexa app

Amazon wants to make it safer and easier to use your phone while you’re in the car with the introduction of Auto Mode...

HSBC says Sweden and Norway will outperform the rest of the developed world

People stroll at the Drottninggatan shopping street in central Stockholm on November 10, 2020, amid the novel coronavirus Covid-19 pandemic.FREDRIK SANDBERG | AFP...

Wisconsin election official says nearly all votes counted; NBC has Biden leading

Democratic presidential nominee Joe Biden speaks at a get out the vote event at Sharon Baptist Church on November 01, 2020 in Philadelphia,...

JPMorgan is positive on Indonesia despite surging Covid cases in the country

SINGAPORE — JPMorgan is positive on the outlook for Indonesia, even though the country is still struggling with surging Covid infections, with the...

MS Doesn’t Put Pregnant Women at Higher Risk

WEDNESDAY, Feb. 3, 2021 (HealthDay News) -- In a finding that should reassure women with...