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Deutsche Bank Investigating $6 Billion of Possible Money Laundering by Russian Clients - Bloomberg Business

6/29/15 1:48 AM

Deutsche Bank Investigating $6 Billion of


Possible Money Laundering by Russian
Clients
by Ambereen Choudhury, Suzi Ring, Jake Rudnitsky and Greg Farrell
June 5, 2015 8:15 AM CDT
Updated on June 5, 2015 11:24 AM CDT

Why Deutsche Bank May Be Investigating Russian Trades

Deutsche Bank AG is conducting an internal probe into possible money laundering by Russian clients that may
involve about $6 billion of transactions over more than four years, according to people with knowledge of the
situation.
The Bank of Russia approached Deutsche Bank in October asking the firm to examine the stock-trading
activities of some clients in the country, said one person, who asked not to be identified because the discussions
are private.
Benjamin Lawskys Department of Financial Services in New York is looking at unusual trading activity at the
firm in Russia, another person said. Deutsche Bank is analyzing data from 2011 through early 2015, and has
alerted Britains Financial Conduct Authority, the European Central Bank and Germanys Bafin of the
investigation, two people said.

http://www.bloomberg.com/news/articles/2015-06-05/deutsche-bank-probe-said-to-target-6-billion-of-russian-trades

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Deutsche Bank Investigating $6 Billion of Possible Money Laundering by Russian Clients - Bloomberg Business

6/29/15 1:48 AM

We are committed to participating in international efforts to detect and combat suspicious activities and we
take strong action where we find evidence of misconduct, Deutsche Bank said in an e-mailed statement Friday.
We have placed on leave a small number of individuals from our Moscow operation pending the results of an
internal review.

Suspect Trades
Deutsche Bank shares fell 1.7 percent to 27.61 euros in Frankfurt. They are up about 11 percent this year,
compared with a 14 percent gain in the STOXX Europe 600 Banks Price Index.
The transactions being examined involve stocks bought by Russian clients in rubles through Deutsche Bank,
and simultaneous trades through London in which the bank bought the same securities for similar amounts in
U.S. dollars, the people said. Deutsche Bank is probing whether the transactions allowed Russian clients to
move funds out of the country without properly alerting the authorities, one person said.
Officials for the FCA, the ECB, Bafin and the DFS declined to comment. The Bank of Russia in Moscow
doesnt comment on the actions of banks, according to the regulators press service. Deutsche Bank is also
examining whether it should have alerted regulators sooner, one person said.
The value of the suspect trades may be higher than is currently being reviewed and the investigation is
continuing, one person said. The role played by Deutsche Bank staff is still being looked at, the people said.

Staff Leave
Tim Wiswell, who runs the firms Russian equities business, is among the employees who were placed on leave
in April in connection with the probe, a person said. Wiswell declined to comment when reached on his mobile
phone on Friday.
Deutsche Bank, which has one of the largest foreign investment banks in Russia, employs more than 1,000
people in Moscow and St. Petersburg across its businesses.

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http://www.bloomberg.com/news/articles/2015-06-05/deutsche-bank-probe-said-to-target-6-billion-of-russian-trades

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Deutsche Bank Investigating $6 Billion of Possible Money Laundering by Russian Clients - Bloomberg Business

6/29/15 1:48 AM

About 60 billion rubles ($1.1 billion) of Russian shares were traded on average daily during the month of May
in Moscow and London, according to the Moscow Exchange. Deutsche Bank ranks among the top dozen
brokers of stocks on the Moscow Exchange, the data show.
Deutsche Bank, Germanys biggest bank, was fined $2.5 billion in April by regulators in the U.S. and the U.K.
for manipulating interest-rate benchmarks. The penalty is the biggest Deutsche Bank has paid for misconduct
and comes on top of the 7.1 billion euros ($8 billion) it spent on litigation in the past three years. The firms
outstanding legal challenges include probes into the rigging of benchmark foreign-exchange rates, as well as
investigations into mortgage- and asset-backed securities dealings and alleged U.S. sanctions violations.
Manager Magazin, a monthly German magazine, reported in May that Deutsche Bank had informed Bafin about
possible money laundering at its Moscow branch.
The more aggressive stance of regulators is clearly driving this pre-emptive behavior, said Andre Spicer at
Cass Business School in London. The bank wants to be able to show it has taken action before it was forced to
by the regulator.

http://www.bloomberg.com/news/articles/2015-06-05/deutsche-bank-probe-said-to-target-6-billion-of-russian-trades

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