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Deutsche Bank Staff Knowingly Enabled Russian ‘Mirror Trade’ Scheme: Regulators

By Paul Peachey

A former supervisor of Deutsche Bank's now-defunct trading unit in Moscow "appears" to have accepted bribes to help launder billions of dollars for Russian clients through the lender's branches in London and New York, the state's financial regulator said Monday. In a 44-page consent order that preceded disclosure of a related action by U.K. officials, the New York State Department of Financial Services, or DFS, claimed that several senior managers at Deutsche Bank missed red flags generated by almost 6,000 "mirror trades" arranged by its Moscow desk from 2011 to 2015 without proper scrutiny by compliance staff. The 12 or...

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