Deutsche Bank flags US$10b in suspicious transactions related to Russian operations

Moscow

DEUTSCHE Bank AG has identified as much as US$4 billion in suspicious transactions related to its Russian operations, in addition to US$6 billion in so-called mirror trades that it is examining, said several people with knowledge of the bank's review of the matter.

This means that the Frankfurt-based bank flagged as much as US$10 billion in total trades that may not have been vetted for money laundering as clients moved money out of Russia. Previously unreported transactions under scrutiny include those in which trading in an account went consistently in one direction - primarily buy orders, for example - according to people familiar with the matter. Unlike the mirror trades, the additional transactions may have been conducted with another bank on the opposite side.