DataDash Daily Update (12/7/18)

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Daily Daily Update (12/7/18) | Deutsche Bank Could Be On The Hook For Laundering $200+ Billion

Background article: https://www.reuters.com/article/us-deutsche-bank-moneylaundering/deutsche-bank-hit-by-new-laundering-report-shares-slide-again-idUSKBN1O51P7

Deutsche Bank hit by new laundering report; shares slide again

FRANKFURT (Reuters) - 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.

“We have continuously intensified our efforts over the past years against money laundering and tax evasion,” Deutsche’s Chief Financial Officer, James von Moltke, said in a statement.

The bank is also under investigation in a separate German case linked to the so-called Panama Papers, a trove of documents from Panamanian law firm Mossack Fonseca that was leaked to the media in April 2016.