German financial watchdog Bafin has found no evidence to date thatDeutsche Bank has violated rules on money laundering in Russia, people close to matter said on Thursday.
Regulators in Russia, Europe and the United States are investigating Deutsche Bank over so-called “mirror trades”, which may have allowed clients to move money from one country to another in 2014 without alerting authorities.
Those trades could potentially have allowed clients to breach Western sanctions on Russia over the Ukraine conflict.
Bafin is coming to the end of its investigations of the matter in relation to Deutsche Bank and may impose no other demands besides asking the bank to improve its risk management, the sources said.
The view of authorities in other countries is not yet known.
Deutsche Bank and Bafin declined to comment.
Sueddeutsche Zeitung reported earlier on Thursday that Bafin was to finalize the probe shortly.
Deutsche Bank earlier this year raised its provisions for a potential settlement in the suspicious share trading case in Russia, which has prompted the bank to partially pull back from the country.
The case is one of many regulatory headaches that has thrown Germany’s largest bank into crisis.
Last month, the U.S. Department of Justice (DOJ) demanded up to $14 billion to settle claims that Deutsche mis-sold U.S. mortgage-backed securities before the financial crisis.
source”cnbc”
