Deutsche Bank hit with £500m fine in money laundering scandal


Bad times for the bank

Deutsche Bank has been slapped with a $630m (£504m) fine over a Russian money laundering plan.

Clients illegally moved $10bn out of Russia through shares bought and sold through the bank’s Moscow, London and New York offices.

UK and US authorities slammed Deutsche for missing “numerous opportunities” to stop the scheme.

“By converting roubles into dollars through security trades that had no discernible economic purpose, the scheme was a means for bad actors within a financial institution to achieve improper ends while evading compliance with applicable laws,” according to the legal document detailing the settlement with DFS.