07 Dec 2018
Deutsche Bank (DBKGn.DE) defended its record in fighting money laundering on Thursday after the Financial Times reported it had processed 31 billion euros ($35 billion) more in questionable funds for Danske Bank (DANSKE.CO) than previously thought.
A Deutsche Bank spokesman declined to comment on the FT article. He said, however, that it was not Deutsche’s responsibility to vet Danske Bank’s customers and that business ties with the Danish bank had been cut in 2015.
The sum came on top of $150 billion Deutsche cleared for Danske’s Estonian branch from 2007-15, meaning it handled four-fifths of the flows from the Danish bank’s clients in Russia and the former Soviet Union, the FT reported, citing people familiar with the matter.
By Andreas Framke, Reuters, 6 December 2018.
Link to Reuters.
You can claim CPD minutes for reading this article, by signing up to our CPD WalletFREE CPD Wallet