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Deutsche Bank Cleared Illegal Payments Tied to Russian Lender, Businessman

By Daniel Bethencourt

Germany's largest bank agreed to pay U.S. officials $583,000 Wednesday, five years after handling funds that indirectly benefited a blacklisted Russian oligarch and failing to spot more than 60 illicit wires to Krayinvestbank in the days after that lender's designation. In a 5-page settlement, the U.S. Treasury Department's Office of Foreign Assets Control found that Deutsche Bank staff in New York acted too quickly in approving the payment and wire transfers, and used such strict thresholds for triggering manual reviews that even the most likely matches to a designated party could have gone unnoticed. Deutsche Bank's first alleged compliance failure...

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