Deutsche Bank reports its own transaction as suspicious

The German banks keeps adding interesting study cases to the Financial Crime educational community.

In this occasion related to the sale of one of the banks assets to a person reported to maintain close ties with the son of a former Kremlin official.

The Russian ties of the property purchaser were noted during the pre-deal due diligence and compliance opposed to the operation indicating that regardless the legality, the repetitional damage was significant.

Management decided to continue and conclude the operation.

This actions was followed by the bank reporting the transaction to the US authorities.

It is to note that the bank is under current investigation for having conducted several Russian linked operation and failing to report them 5as the case of the Trump linked deal).

The purchaser, a limited liability company named Willow Project was believed to be owned by Vitaly Yusufov son of a former cabinet member of the Putin regime.

New York based committees objected the transaction, to after receive the order from Europe to proceed with the transaction.

The bank reportedly noted that the funds will benefit investors not the bank itself and therefore the transaction was necessary to fulfil the performance of the fund owning the property.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker