4/17/2019, 12:38 PM (Source: TeleTrader)
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DB expects legal action over money laundering scheme - report

Germany's financial services giant Deutsche Bank is set to face legal action and fines over its involvement in the large-scale money laundering scandal, the Guardian reported on Wednesday citing a confidential internal report.

According to the document, the German lender believes that regulators in the United States and the United Kingdom will take "significant disciplinary action" against the company for its role in the $20 billion Russian money laundering scheme and noted measures could include prosecuting its "senior management." Deutsche Bank also stressed that it expects the probe to have a negative impact on its market value as it will likely result in the "loss of investor confidence."

In January, reports emerged that the US Federal Reserve is investigating Deutsche Bank's conduct in relation to transactions involving the Danske Bank A/S money laundering scandal. The German bank's internal review reportedly showed that it handled $150 billion of possibly suspicious flows, mostly from Russia, connected to the biggest Danish lender.

Breaking the News / NP