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Deutsche Banks was alerted as earlier as 2018 of the Russian Landromat

As per a 2018 leaked audit committee report, Deutsche bank’s managing body was aware of the “high risk” situation linked to the Russian exposure of the bank.

This report based its findings in the reported information from The Organized Crime and Corruption Reporting Project (OCCRP)  which showed links between the bank and the scheme of money laundering made public by the journalist organisation.

The leaked report describes the potential impacts of the situation coming to public knowledge and describes the methods utilised by launderers and corrupted politicians in order to use the financial system to use the illegally obtained assets.

As per independently reported information, the Bank was unaware of the situation up to the 2017 report was public (OCCRP).

The reported news noted that a common method for laundering was to use fake “loans” and complex repayment schemes or by simply claiming default of loan repayment using Moldovan corrupted judges to obtain court orders in order to give further appearance of legality to the payments.

As reported, the bank faces potential fines for 20 Billion USD to UK and US authorities while some senior officials risk to be prosecuted.

Source

https://www.theguardian.com/business/2019/apr/17/deutsche-bank-faces-action-over-20bn-russian-money-laundering-scheme?CMP=share_btn_link

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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.

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