This is reported by the Financial Times, citing its own sources.
According to the publication, in the retail division of the bank were identified cases of accepting deposits in excess of 100 thousand euros from persons subject to sanctions of the European Union. Such operations are prohibited by the current EU restrictions imposed in response to Moscow’s actions. The violations were discovered after a special working group was set up within the bank to check compliance with the sanctions regime tightened in Germany in February.
Deposit limit – 100 thousand euros
European sanctions explicitly prohibit banks from accepting large deposits (over €100,000) from Russian citizens, residents of the country and organizations registered there. Following the update of the EU directives, liability measures were strengthened, sanctions regulations were accelerated, and requirements for banks to promptly identify and block potentially prohibited transactions were tightened.
In response to an FT query, Deutsche Bank said it was “continuously reviewing” its internal sanctions compliance procedures and was taking steps to address identified weaknesses. The bank added that it informs supervisory authorities in a timely manner, but declined to comment further.
German regulator Bundesbank also did not comment on the situation.
Searches and “Abramovich Case”
Separately, the January searches in its offices in Frankfurt and Berlin drew attention to the bank. They took place as part of an investigation into suspected money laundering. According to the FT, the case may be linked to Russian businessman Roman Abramovich. Earlier about a possible connection reported Süddeutsche Zeitung and Bloomberg agency.
At the same time, Abramovich’s representative said that the Frankfurt prosecutor’s office confirmed that he had no suspect status and no charges had been brought against him.
The Frankfurt prosecutor’s office previously specified that the investigation is being conducted against “unidentified persons and employees of the bank” on suspicion of money laundering. According to the investigation, in the past the bank had business relations with foreign companies that could be used for illegal financial transactions.
