“Britain’s
Financial Conduct Authority (FCA) has begun an investigation into
whether Deutsche Bank breached anti money laundering laws for its
Moscow clients, it has emerged. The Financial Times reports the
inquiry focuses on the bank’s so-called mirror trades executed in
London and Moscow.”
“Deutsche
Bank reported the matter itself to the FCA and Germany’s financial
watchdog, BaFin. The investment bank remains under 'special measures'
instigated by the FCA after several allegations of regulatory
breaches.”
“The
FCA’s investigation will focus on trades involving securities
purchased through Deutsche Bank in Moscow by Russian clients. While
these financial products were purchased, the bank bought the same
securities in Western currencies through its London business.
Regulators fear that the practice, known as ‘mirror trades,’
could be used by Russian clients to illegally move cash out of the
country.”
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