Deutsche Bank has been issued a €13.5m fine for reporting suspicious transactions too late, a German prosecutor said yesterday, while dropping a wider criminal investigation into the bank's alleged money laundering activities.
The Frankfurt Prosecutor's Office also fined Deutsche Bank €13.5m for being slow to report suspected money laundering in over 600 separate cases.
But the prosecution also dropped its long-running investigation into claims that Deutsche Bank had handled more than €200bn in suspicious transfers from Russia destined for Danske Bank. A whistleblower first alerted authorities to the activity in 2012.
With the end to proceedings, it is clear that there were no criminal lapses on the part of Deutsche Bank or its staff."
Yesterday Deutsche Bank's Stefan Simon welcomed the closure to the investigation: "With the end to proceedings, it is clear that there were no criminal lapses on the part of Deutsche Bank or its staff."
The €13.5m fine is related to hundreds of transactions that took place between 2010 and 2015. The transfers are mostly linked to Azerbaijan, which is thought to have laundered hundreds of billions of euros through the EU in an effort to win political influence. The case became known as the Azerbaijani Laundromat.