Deutsche Bank on Monday acknowledged a lapse in its money laundering controls, underlining the bank’s continuing struggle to move beyond a series of scandals that have helped push its stock price to a record low.
An internal audit uncovered deficiencies in the way that the bank processed checks on behalf of clients, Deutsche Bank said in a statement. The audit, which examined the bank’s operations in Britain, did not find any cases of money laundering or breaches of international sanctions that occurred because of the lapses, the bank said.
Anti-money-laundering specialists at Deutsche Bank recommended in 2016 and 2017 that multiple transactions involving legal entities controlled by Donald J. Trump and his son-in-law, Jared Kushner, be reported to a federal financial-crimes watchdog.
The transactions, some of which involved Mr. Trump’s now-defunct foundation, set off alerts in a computer system designed to detect illicit activity, according to five current and former bank employees. Compliance staff members who then reviewed the transactions prepared so-called suspicious activity reports that they bel...
In the waning days of the Obama administration, Deutsche Bank made a series of unusually frank admissions in a U.S. court filing.
The German bank acknowledged that during the housing boom it made intentionally false representations to buyers of its mortgage-backed securities, concealing the actual risks from purchasers of the bonds. It lied, for example, about borrowers’ credit scores. It also lied about the amount of equity that borrowers held in their homes.
Banks typically do not fess up to deliberate wrongdoing, and when they do, their language is usually more eq...
Deutsche Bank AG handled more questionable funds for Danske Bank A/S than previously estimated, the Financial Times reported, pulling the German lender deeper into the money-laundering scandal at the Danish bank.
In addition to an estimated $150 billion that the German company cleared for Danske’s Estonian branch, Deutsche Bank processed a further 31 billion euros ($35 billion), the newspaper said, citing a memo it obtained.
Deutsche Bank declined to comment. Danske Bank didn’t immediately respond to a request for comment.
Deutsche Bank AG for now doesn’t plan to put more money aside for two recent money-laundering probes that have pushed the shares to a record low, according to a person familiar with the matter.
The bank’s headquarters were raided last week in a German investigation, and the lender has been drawn deeper into a separate money laundering scandal at Danske Bank A/S. But internal probes have found no wrongdoing in either case, the person said, asking not to be identified in discussing internal deliberations.
Higher reserves would diminish prospects for the bank’s first an...
Deutsche Bank (DBKGn.DE) defended its record in fighting money laundering on Thursday after the Financial Times reported it had processed 31 billion euros ($35 billion) more in questionable funds for Danske Bank (DANSKE.CO) than previously thought.
A Deutsche Bank spokesman declined to comment on the FT article. He said, however, that it was not Deutsche’s responsibility to vet Danske Bank’s customers and that business ties with the Danish bank had been cut in 2015.
The sum came on top of $150 billion Deutsche cleared for Danske’s Estonian branch from 2007-15, meanin...
In a two-day raid, the Frankfurt public prosecutor’s office and the Federal Criminal Police Office searched several Deutsche Bank offices, including its head office at Taunusanlage in Frankfurt, and questioned employees. The investigations concern the so-called “offshore leaks” and Panama Papers.
The public prosecutors’ investigations are directed against “two named and further unnamed employees of the bank on suspicion of aiding and abetting money laundering,” Deutsche Bank stated. “According to the public prosecutor’s office, the accusation against the accused is...
Deutsche Bank AG (DBKGn.DE) has agreed to pay $240 million (172.57 million pounds) to settle private U.S. antitrust litigation accusing it of conspiring with other banks to manipulate the Libor benchmark interest rate.
The preliminary settlement with the German bank was disclosed in filings on Tuesday with the U.S. District Court in Manhattan, and requires a judge’s approval.
Deutsche Bank is the third bank to resolve claims by so-called “over-the-counter” investors that transacted directly with banks on a panel to determine Libor.
Deutsche Bank facilitated hundreds of millions of dollars of transactions for a corrupt Cyprus bank that served as a hub for illicit money from “the darkest corners of the criminal underworld”, a trove of secret documents obtained by BuzzFeed News reveals.
Deutsche – and its New York subsidiary under scrutiny for its loans to Donald Trump – provided a crucial bridge between FBME Bank and the global financial system, acting as its longstanding correspondent bank in the US and helping some of its most nefarious clients move illicit money into the West.
The Justice Department, along with federal partners, announced today a $7.2 billion settlement with Deutsche Bank resolving federal civil claims that Deutsche Bank misled investors in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) between 2006 and 2007. This $7.2 billion agreement represents the single largest RMBS resolution for the conduct of a single entity. The settlement requires Deutsche Bank to pay a $3.1 billion civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act...