Featured Germany

In 2018 Audit, Deutsche Bank Saw High Risk of Ties to Russian Money Laundering

Deutsche Bank “very likely” processed illicit transactions linked to a massive Russian money laundering network that the lender was unaware of until media reports of it surfaced, a leaked audit report concluded last year. The “strictly confidential” report by the bank’s supervisory board audit committee determined that the institution’s… Read More

UniCredit to Pay $1.3 Billion, Plead Guilty to US Sanctions Violations

A UniCredit Group affiliate bank will plead guilty to US federal and state criminal violations and pay $1.3 billion to regulatory and prosecutorial agencies to resolve breaches of sanctions against Iran and other nations, officials disclosed. Under terms of a non-prosecution agreement with the US Justice Department, the group’s German… Read More

Deutsche Bank investor to file AGM motion to oust chairman

Deutsche Bank investor Riebeck-Brauerei plans to file a motion seeking a vote to oust the bank’s chairman Paul Achleitner at this year’s annual general meeting, a lawyer for the shareholder said on Thursday. Jan Bayer, Riebeck-Brauerei’s lawyer, said the justification to oust Achleitner was for his “dismal performance” and for… Read More
28th March 2019
Local staff at the Singapore office of Wirecard may have committed crimes but these were not material to the German payment company’s financial position, an investigation by an outside law firm has found. Shares in Wirecard, under pressure since the Financial Times ran the first of a series of investigative… Read More
27th March 2019
AP — German prosecutors have launched their own investigation into the sale of submarines to Israel, where several former aides to Prime Minister Benjamin Netanyahu and ex-officials already face corruption-related charges. Bochum prosecutors told the dpa news agency Tuesday they had opened the case against persons unknown based upon… Read More
21st February 2019
AP — Britain’s top diplomat has urged Germany to relax its ban on arms sales to Saudi Arabia because they are affecting U.K. sales of weapons to — and by extension its influence with — the oil-rich kingdom. The German weekly Der Spiegel reported Wednesday that British Foreign Minister Jeremy… Read More
20th February 2019
Commerzbank’s compliance function, helped by the demands of a U.S. monitor, has come at a cost of 600 million euros since 2015 and reduction in both products and customer reach, the bank said. This includes an international anti-money laundering and sanctions compliance programme, it said in its Q4 results… Read More
20th February 2019
Berlin will stop extraditing Germans to Britain immediately after Brexit even if it leaves the European Union with a deal, the Financial Times reported on.ft.com/2DPMBED on Sunday, citing a formal notification submitted by Germany to the European Commission last week. By Kanishka Singhm, Reuters, 17 February 2019. Link to… Read More
19th February 2019
Germany has opened a consultation process on how to tap into the potential of blockchain technology ahead of presenting a strategy by the summer, government sources said on Monday. Berlin is a hub for startup companies of which around 170 in one way or another look at blockchain, the distributed… Read More
19th February 2019
Serial production of Russia’s first post-Soviet mainline commercial aircraft will be delayed by a year due to U.S. sanctions, the head of state-owned industrial conglomerate Rostec said on Monday, Russian news agencies reported. Russia hopes the MS-21, a twin-engine, medium-range passenger plane, will give Boeing and Airbus a run for… Read More
19th February 2019
German financial watchdog Bafin has extended the mandate of its monitor at Deutsche Bank over the bank’s role in a money laundering scandal involving Danske Bank. Deutsche Bank acted as a correspondent bank for Danske Bank in Estonia, meaning it helped transfer funds on behalf of the Danish lender from… Read More
15th February 2019
FRANKFURT (Reuters) – Some banks that conduct their euro zone business from London have failed to meet regulators’ expectations to move enough staff into other EU countries in time for Brexit, the German bank supervisor Joachim Wuermelling said on Thursday. “Not all SSM banks are currently fully compliant with the… Read More
12th February 2019
Deutsche Bank has sharply scaled back its role as a correspondent bank, an executive said on Monday of a business line that has dragged it into a money laundering scandal involving Danske Bank. Deutsche Bank’s global correspondent banking portfolio is now around 40 percent smaller than it was in 2016,… Read More