FinCEN Money Laundering Leaks: Deutsche Bank Is Under Fire | DW News

Germany's largest bank Deutsche Bank is no stranger to scandals. But the leaked FinCEN files suggest the bank was aware it was facilitating suspicious transactions amounting to over $1 trillion dollars, including for a period after it had promised to clean up its act. Deutsche Bank accounts for 62% of all Suspicious Activities Reports (SARs) filed to FinCEN in the leaked documents.

Between 1999 and 2017, $2 trillion (€1.68 trillion) in transactions were flagged by financial institutions' internal compliance officers as suspicious. Reasons include possibly money laundering, sanctions violations or other criminal activities. Of these, $1.3 trillion (€1.09 trillion) worth of transactions passed through Deutsche Bank, which reported the activities to FinCEN. This is not the first time Deutsche Bank has been implicated in suspicious money transfers. In 2015 it agreed to a $258 million fine for violating US sanctions. A probe by US and New York banking regulators found the bank had moved $10.9 billion (€9.2 billion) on behalf of Iranian, Libyan, Syrian, Burmese and Sudanese financial institutions sanctioned by the US between 1999 and 2006. The bank was accused of carrying out transactions for its customers using "non-transparent methods and practices" to disguise its actions.

Deutsche Bank has been penalized many times in the past for facilitating suspicious activities. So why would they continue even after the hefty penalty of $258 million in 2015? For Tim White, a consultant at AML Right Source, an anti-money laundering consulting firm, the answer is simple: Money. White says that "by going ahead with these suspicious transactions, banks are making more money than the possible cost of the violations."

Deutsche Bank: A Giant In Crisis | Made in Germany

Germany's biggest bank is cutting thousands of jobs. Despite the streamlining measures, it cannot shake off the negative headlines. Our reporters take a look behind the scenes.

Kapitalerhöhung: Scheich von Katar steigt bei Deutscher Bank ein

SPIEGEL ONLINE: Die Deutsche Bank will acht Milliarden Euro bei Investoren einsammeln, um sich gegen Krisen zu wappnen. Ein Großteil des Geldes soll vom Herrscherhaus des Emirats Katar kommen. Ein Scheich würde damit zum größten Aktionär des Geldkonzerns werden.

Hamburg - Die Deutsche Bank will mit der Ausgabe neuer Aktien rund acht Milliarden Euro von Investoren einsammeln. Das beschloss der Aufsichtsrat am Sonntagabend. Die Deutsche Bank soll mit dem neuen Geld krisenfester werden. Gelingt die Aktion, wäre es die zweitgrößte Kapitalerhöhung in der Geschichte des Konzerns.

Eine kleine Revolution ist dabei der bevorstehende Einstieg des Herrscherhauses von Katar. Scheich Hamad Bin Jassim Bin Jabor Al-Thani soll über seine Investmentfirma Paramount Services 30 Millionen Deutsche-Bank-Aktien erhalten und wäre mit rund fünf Prozent der Anteile größter Einzelaktionär der Bank. Das Privatvermögen des Scheichs wird auf 70 Milliarden Dollar geschätzt. » | Von Stefan Kaiser | Sonntag, 18. Mai 2014

Deutsche Bank Video Warns Traders Not to Be Vulgar, Indiscrete [sic] or Brag

THE DAILY TELEGRAPH: German bank runs out of patience with 'Wolf of Wall Street'-style behaviour


Deutsche Bank, Germany's biggest lender, has warned trading and investment banking staff to stop any Wolf of Wall Street-style behaviour.

Colin Fan, the co-head of the German lender's investment bank, said in a video to all his staff: "It's not OK to brag or to be vulgar or indiscrete [sic]. That will have severe consequences on your career. I've run out patience on this."

He said "reputation is everything" and some staff were "still a long way from meeting" the bank's standards.

Deutsche Bank is undergoing a shake-up following a series of scandals that has tarnished its reputation. Last year the German bank €725m in penalties for its involvement in the Libor rigging scandal, a key rate used to fix the cost of borrowing on mortgages, loans and derivatives worth more than $450 trillion (£288 trillion) globally.

“You may not realise it but right now, because of regulatory scrutiny, all your communications may be reviewed,” said Mr Han in the video. “This includes your emails, your conversations and your conduct.” » | Martin Strydom | Friday, May 16, 2014

Debatte um zweite Währung: Deutsche Bank will den Geuro für Griechenland
SPIEGEL ONLINE: Griechenland ist kaum noch in der Euro-Zone zu halten, auch wenn die meisten Krisenpolitiker sich genau dies wünschen. Nun macht der Chefvolkswirt der Deutschen Bank einen ungewöhnlichen Vorschlag: Das Land soll einfach zwei Währungen parallel nutzen - den Euro und den Geuro.

Hamburg - Thomas Mayer, der Chefvolkswirt der Deutschen Bank, hält die Einführung einer griechischen Parallelwährung zum Euro für möglich. Diese soll für den inländischen Zahlungsverkehr und die Bezahlung lebensnotwendiger Importe verwendet werden, heißt es in einem Bericht der Forschungsabteilung der Deutschen Bank. Name der neuen Währung: Geuro.

Hintergrund ist die Annahme, dass Griechenland kaum noch in der Euro-Zone zu halten ist. Eine Regierungsbildung im Land ist gerade gescheitert, Neuwahlen stehen an, bei diesen könnten Parteien die Mehrheit erringen, die ein Sparprogramm ablehnen. Die Hilfszahlungen an Griechenland dürften dann eingestellt werden, und das Land würde den Währungsraum wohl verlassen müssen.

Die meisten Ökonomen halten es allerdings für wahrscheinlich, dass Griechenland selbst nach einem Euro-Austritt noch Hilfen anderer EU-Länder erhalten würde. Denn ein völliges Chaos mitten in Europa würden die anderen Länder definitiv vermeiden wollen.

Hier setzt Mayers Vorschlag an: Seinem Modell nach würde die griechische Regierung ihre Rechnungen wohl mit Schuldscheinen bezahlen. Diese würden zum Kern einer neuen Währung werden, da die Schuldscheine weiterverkauft werden könnten. » | ssu | Montag, 21. Mai 2012

Related »

Nuns Accuse Banks in $5m Lawsuit
THE TELEGRAPH: Germany's Deutsche Bank and US investment bank Morgan Stanley are facing a $5m lawsuit led by a group of Irish nuns.

No banker is likely to risk describing what they do as "God's work", but they might hope at least not to get on the wrong side of His earthly followers.

Unlucky then for Germany's Deutsche Bank and US investment bank Morgan Stanley, who are facing a $5m (£3.2m) lawsuit led by a group of Irish nuns.

The Sisters of Charity of Jesus and Mary, the Holy Faith Sisters and the Irish Veterinary Benevolent Fund are among a group of 88 Irish individuals suing the two banks.

The nuns allege the two banks profited at their expense by failing to redeem an investment linked to the debt of German financial group Dresdner Bank and in so doing cost them millions of pounds. >>> Harry Wilson, Financial Services Correspondent | Wednesday, August 11, 2010

Big City Bonuses Are Back
MAIL Online: City banks are preparing to lavish record bonuses on staff less than a year after bringing the world economy to the brink of meltdown.

Many high-flying traders and dealmakers are looking forward to ' mindblowing' payouts on a par with the rewards handed out at the height of the banking boom in 2007.

This is despite many of the banks only being able to turn a profit because they have been bailed out with taxpayers' money.

Wall Street giant Goldman Sachs is expected to confirm next week that it will pay an average of almost £400,000 in pay and bonuses to each of its 5,500 London-based staff - a total of £2.2billion.

Its profits are soaring on the back of the $6.2billion it received from the U.S. taxpayer last year.

Royal Bank of Scotland recently revealed chief executive Stephen Hester was in line for a £9.7million pay package if he brings the bailed-out bank's share price up to 70p.

Another bailed- out financial giant, Citigroup, is raising basic pay for many of its investment bankers and traders by up to 50 per cent, to make up for the loss in bonus pay.

Nationalised U.S. insurance firm AIG is planning to pay millions of dollars more in bonuses to dozens of top bosses across the world.

Last year it paid out more than £100million despite being rescued by the U.S. government after racking up £60billion in losses from reckless bets on toxic debt.

Credit Suisse, Deutsche Bank, JP Morgan, Morgan Stanley and Barclays are also planning major rewards.

This is despite their actions triggering a recession which is expected to cost a million Britons their jobs.

The return of 'business as usual' to the banking sector makes a mockery of the Government's claim to have stamped out the culture of greed and reckless risk taking in the banking industry. Big City bonuses are back! Less than a year after banks took billions in taxpayer-funded bailouts... >>> Simon Duke | Saturday, July 11, 2009

Deutsche Bank to Launch Sharia Hedge Fund Platform
THE GUARDIAN: LONDON, (Reuters) - Deutsche Bank AG's prime brokerage business is preparing to launch a sharia-compliant hedge fund platform within the next month, as part of its Middle East expansion plans, a senior official said.

Deutsche Bank will expand an existing service on a selective basis, regional head for Middle East Structuring Geert Bossuyt told Reuters, and the platform -- or range of financial products -- will offer techniques for hedge funds to adjust to Islamic investment rules.

"It is a bit like the case of the chicken and the egg, you will never have demand if there is no offer. So Deutsche Bank, and others, offer product," he said. Deutsche Bank to Launch Sharia Hedge Fund Platform >>> By Cecilia Valente | September 23, 2008

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