FCA Says Deutsche Got Discount For Agreeing to Settle Early On
Source: BFW (Bloomberg First Word)
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DBK GR (Deutsche Bank AG)
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UUID: 7947283
(Bloomberg) -- Deutsche Bank qualified for a 30% discount on its fine because it agreed to settle at an early stage.
Alert: HALISTER1- FCA says fine would have been GBP229m
- Customers used mirror trades to transfer more than $6b from Russia to overseas bank accounts, including in Cyprus, Estonia, and Latvia
- FCA says Deutsche’s Corporate Banking and Securities division in U.K.:
- Performed inadequate customer due diligence
- Failed to ensure that its front office took responsibility for the CB&S division’s Know Your Customer obligations
- Used flawed customer and country risk rating methodologies
- Had deficient AML policies and procedures
- Had an inadequate AML IT infrastructure
- EARLIER: FCA Fines Deutsche Bank GBP163M for Money Laundering Failings
Source: BFW (Bloomberg First Word)
Tickers
DBK GR (Deutsche Bank AG)
To de-activate this alert, click here
UUID: 7947283