Deutsche Bank Handled Further $35 Billion Danske Funds, FT Says

December 6, 2018

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.

 

The revelation may add to pressure on the German firm, which is being probed at home in another matter tied to the so-called Panama Papers. Danske Bank has said some $230 billion of possibly illicit money was funneled through its branches, mostly at its small Estonian operation. Deutsche Bank, which served as a correspondent bank, handled about four-fifths of that.

 

The German lender has said that as a correspondent bank, “your only relationship is with the bank and the bank itself has the responsibility to check its own client to monitor the transaction and to do all these kinds of checks.”

 

via Bloomberg

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