Jan. 31 (UPI) -- Deutsche Bank will pay $630 million in penalties for its involvement in a $10 billion Russian money-laundering scheme, U.S. banking officials said.
Maria Vullo, superintendent of the New York State Department of Financial Services, said Monday that Deutsche Bank's New York City branch will pay a $425 million fine and hire an independent monitor as part of a consent order regarding the bank's failure to stop a stock-trading program that enabled some Russian clients to illegally move money from Russia and into offshore accounts. The procedure is known as mirror trading, and involved Deutsche Bank's New York, Moscow and London branches. The bank was fined an additional $204 million by Britain's Financial Conduct Authority.