Deutsche Bank has incurred the largest financial penalty for breach of anti-money laundering regulations ever imposed by the Financial Conduct Authority (FCA) or its predecessor, the Financial Services Authority. The £163m fine is for failing to perform customer due diligence between 1 January 2012 and 31 December 2015. Approximately US$10bn, of unknown origin, was transferred via “mirror trades” using Deutsche Bank, from Russia to offshore bank accounts in a manner highly suggestive of financial crime, the FCA said. The bank got a 30% discount on the fine for co-operating with the authorities.
01 February 2017
Deutsche fined £163m
MOVERS & SHAKERS
Gateley Legal—Jack Kelly
Gateley Legal expands Midlands residential development team
Gibson Dunn—Richard Surtees
Gibson Dunn adds employee benefits and executive compensation practice in London with partner Richard Surtees
Laytons ETL—Alec Cameron
Laytons ETL appoints new partner and head of intellectual property disputes
NEWS
A series of recent decisions has clarified important principles across property law, from perpetuities to lease renewals and public rights over land
Employers cannot rely on wellbeing services alone to defend workplace stress claims after a High Court decision awarding almost £1m to an overworked employee
Andy Burnham's brand of 'Manchesterism' could offer fresh thinking on legal aid and access to justice if it reaches Westminster, according to Roger Smith, NLJ columnist and former director of JUSTICE
The constitutional fallout from a change of prime minister, rather than the politics, is under scrutiny as questions arise over the limits of executive authority in a leadership transition
The legal profession is undergoing a fundamental shift from selling services to creating technology-enabled products, according to Professor Luke Mason, Head of School of Law at Regent's University London
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