Deutsche Bank hit with $630m fine by UK and US regulators for anti-money laundering failings

US regulator fined the bank $425m

The Financial Conduct Authority (FCA) has fined Deutsche Bank £163m, its largest ever anti-money laundering (AML) fine, as it alleges the bank's framework was used to transfer $10bn from Russia to offshore accounts in a manner 'highly suggestive of financial crime', while US regulators fine the group $425m.

The FCA released a statement which said the bank had agreed to settle the fine at the earliest stage, as it also emerged Deutsche Bank had been fined $425m (£340.4m) by New York's Department of Financial Services, a state banking regulator, for similar failings. Total fines from both regulators are $630m (£505m). Deutsche Bank mulls float of asset management arm The UK regulator said Deutsche Bank had exposed the UK financial system to the risk of crime as the firm was used by customers to transfer $10bn from Russia to offshore bank accounts. The AML control failings allowed custom...