Deutsche Bank fined €583m over Russian 'money-laundering'

Deutsche Bank’s headquarters on London Wall in the City

Suzi Ring

Deutsche Bank has been fined $629m (€583m) by UK and US authorities for compliance failures that saw the bank help wealthy Russians move $10bn (€9.2bn) out of the country using transactions that were likely thinly veiled attempts to cover up financial crime.

The UK Financial Conduct Authority issued a £163m fine yesterday, hours after New York's Department of Financial Services fined the bank $425m, for failures over the so-called "mirror-trades".