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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsDeutche Bank and Bank of America swept up in money laundering probe.
https://www.bloomberg.com/news/articles/2018-11-16/deutsche-bank-bofa-jpm-are-said-to-be-drawn-into-danske-probeCetacea
(7,367 posts)PaulX2
(2,032 posts)Isn't banking great!
Power 2 the People
(2,437 posts)Roland99
(53,342 posts)Deutsche Bank AG and Bank of America Corp. have been contacted by U.S. criminal investigators for information about transactions they handled for a small bank branch in Estonia thats at the center of one of the biggest money-laundering investigations in history, according to two people familiar with the matter.
The Justice Department investigators have also asked questions about JPMorgan Chase & Co.s work with the branch, another person said.
The lenders, among the worlds largest, were correspondent banks for the Tallinn, Estonia, branch of Danske Bank A/S that is the focus of multiple international investigations. The Danish lender acknowledged that the branch moved nearly a quarter trillion dollars worth of cash into the global financial system, much of it from potentially illicit activity in Russia. It used the three banks global presence to convert foreign cash into U.S. dollars on behalf of its clients from 2007 to as recently as 2015.
The examination of whether the big banks gave appropriate scrutiny to the Estonia transactions is one aspect of a broader Danske Bank investigation being led by the U.S. Justice Department in Washington and prosecutors from the Manhattan U.S. attorneys office, the people said.
The investigation is in its early stages, and there are no signs that the banks themselves are targets. None of them has disclosed contacts with investigators. The banks were discussed in regulatory reports and a Danske Bank internal probe released in September but werent mentioned by name.
The Securities and Exchange Commission and the Treasury Department are also investigating the Danske Bank transactions through the global banks, one of the people said.
Roland99
(53,342 posts)triron
(21,914 posts)bluestarone
(16,720 posts)WELLS FARGO in it up to their ass also!
Roland99
(53,342 posts)dixiegrrrrl
(60,010 posts)She was essentially ignored.
bluestarone
(16,720 posts)octoberlib
(14,971 posts)They're one of the only banks that'll do business with Trump.
From 2017
Deutsche Bank fined for $10 billion Russian money-laundering scheme
The giant German lender was hit with about $630 million in penalties on Tuesday over a $10 billion Russian money-laundering scheme that involved its Moscow, New York and London branches.
It follows a $7.2 billion settlement Deutsche Bank reached with the U.S. Department of Justice last month over toxic mortgage assets and the $2.5 billion it agreed to pay in 2015 over interest rate manipulation.
https://money.cnn.com/2017/01/31/investing/deutsche-bank-us-fine-russia-money-laundering/index.html
Blue_true
(31,261 posts)That means they are good at looking the other way.
LakeSuperiorView
(1,533 posts)I was just about to send him my full names, home/office address and mobile phone number and identify card for clarification and verification. He was Pleased to inform me that they have made arrangement with bank of America to release my payment sum of $10.3 Million dollar...
superpatriotman
(6,232 posts)So much for the 'hot' economy. It's a house of cards.