Deutsche Bank self-reports potential Russian sanctions breach

Deutsche Bank has notified fiscal regulators astir imaginable violations of EU sanctions rules tied to Russian clients.

The German slope identified instances successful its retail part wherever deposits supra €100,000 ($117,598) were received from radical covered by EU sanctions restrictions.

The cases emerged aft Deutsche acceptable up a task unit to reappraisal its interior controls pursuing changes to Germany’s sanctions enforcement model successful February.

Those changes, stemming from an EU directive, brought successful tougher transgression penalties, faster enforcement and the removal of grace periods, expanding unit connected banks to place and halt perchance banned transactions much quickly.

Under EU sanctions rules, banks are barred from taking deposits supra €100,000 from Russian nationals, residents oregon businesses acceptable up successful Russia.

German outlet Finanz-Szene archetypal reported the matter.

In response, the slope said: “Deutsche Bank continuously reviews its processes related to sanctions compliance arsenic portion of the mean people of business. Whenever we place imaginable issues, we enactment successful spot due measures to accommodate and amended our processes and we pass the applicable supervisory authorities proactively.”

The disclosure follows a January hunt by German prosecutors astatine Deutsche’s Frankfurt office arsenic portion of an probe into suspected wealth laundering linked to Roman Abramovich.

According to main enforcement Christian Sewing, that probe concerns the bank’s handling of transactions betwixt 2013 and 2018 and whether it was excessively dilatory to taxable a suspicious enactment report.

At the time, the absorption was connected connections to companies linked to Abramovich.

Abramovich, who has been nether EU sanctions since 2022, has denied wrongdoing.

Meanwhile, successful January, Bank of Scotland, a portion of Lloyds Banking Group, was fined by the UK watchdog implicit an relationship for a sanctioned individual.

The slope was fined £160,000 ($219,268.8) by the Office of Financial Sanctions Implementation (OFSI), portion of HM Treasury, successful this regard.

Although the watchdog did not sanction the acrophobic individual, respective media sources identified the idiosyncratic to beryllium Dmitrii Ovsiannikov, antecedently politician of Sevastopol successful Russian-occupied Crimea.

"Deutsche Bank self-reports imaginable Russian sanctions breach " was primitively created and published by Private Banker International, a GlobalData owned brand.

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