A report from the Arab News portal this week looks at the Deutsche Bank AG probe into possible money laundering via transactions made by some of its Russian clients.
“Transactions conducted over a period of years are being investigated, and the sum could exceed $6 billion, the source said, adding that the internal probe of the possible abuse being conducted by Deutsche Bank is in its initial stages.”
The article mentions that launderers used ‘relatively simple transactions’ in USD and RUB, but does not elaborate on the details. But this admission is, in itself, telling. Launderers have not needed to create sophisticated constructs to clean the proceeds of crime. So will this be a wake up call for all financial services firms to start paying more than lip service to anti-money laundering? Or perhaps we need to redefine criminality, to reinforce the message on what is allowed and what is not.