Finance News

Leaked U.S. authorities information recommend Deutsche Financial institution tops the checklist of suspicious transactions

A pedestrian with an umbrella walks past a Deutsche Bank logo in Frankfurt am Main.

Thomas Lohnes | Getty Images

SINGAPORE – Germany's largest lender, Deutsche Bank, apparently enabled more than half of the $ 2 trillion leaked suspicious transactions reported to the U.S. government in nearly two decades, German broadcaster Deutsche Welle reported (DW ).

These documents showed that between 1999 and 2017, $ 1.3 trillion of $ 2 trillion in leaked transactions classified as suspicious went through Deutsche Bank, according to a DW report.

The leaked documents contained suspicious activity reports that banks and other financial institutions filed with the US Treasury Department's Financial Crimes Enforcement Network (FinCEN). Financial firms are required by law to warn regulators if they discover suspicious activity such as money laundering or sanction violations. Such reports are not necessarily evidence of criminal behavior.

In a statement posted on its website, the German bank said the incidents in the leaked documents "had already been investigated and had led to regulatory decisions publicly recognizing the bank's cooperation and recovery. Consequence management was applied where appropriate and appropriate. "

She also said she has "devoted significant resources to strengthening our controls" and is "very focused on fulfilling our responsibilities and commitments".

Deutsche Bank has already been determined to facilitate financial transactions that violate US sanctions. In 2015, Deutsche Bank agreed to pay fines of $ 258 million for doing business with U.S.-sanctioned countries like Iran, Syria, Libya, Sudan and Myanmar, according to DW. However, the leaked FinCEN documents indicated that the bank had continued to move suspicious funds after that 2015 deal, the report said.

For more information on suspicious Deutsche Bank transactions, see the Deustche Welle report.

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