Fugitive game fraudster Mehmet Aydın en route to Turkey – Interior Ministry
ahvalnews, 03 July 2021
The fugitive founder of Turkish smartphone game that encouraged users to invest money into a ponzi scheme, defrauding users of millions of dollars will arrive in the country on Saturday evening, the Turkish Interior Ministry said.
Mehmet Aydın, who turned himself in to Brazilian police on Thursday, will arrive in Turkey at 10:30 p.m. local time, Deutsche Welle cited ministry spokesman İsmail Çataklı as saying on Saturday. Continue reading “Article: Fugitive game fraudster Mehmet Aydın en route to Turkey – Interior Ministry”
EU bond sales run by four banks previously suspended for antitrust
ishwarkimmins, 29 June 2021
As Brussels sold its new five- and thirty-year debt, four banks that had previously suspended EU bond sales were selected to manage Block’s latest trading on Tuesday.
JP Morgan, Crédit Agricole, Deutsche Bank and UniCredit were banned from participating in the first € 20 billion debt sale to fund the EU’s € 800 billion recovery fund earlier this month due to past antitrust violations. It was one of only 10 lines. Continue reading “Article: EU bond sales run by four banks previously suspended for antitrust”
DEUTSCHE BANK RE-ENTERS PAYMENTS SPACE IN JOIN VENTURE WITH FISERV
KARTHIK SUBRAMANIAN, 22 June 2021
The bank had exited the business around a decade back by selling it to EVO Payments as it had felt that the business was no longer viable and was highly risky as it was used for gambling and financial crime. But as we have been saying many times over the last couple of months, the payments business is back in vogue and it is expected to grow in a very large manner all around the world in the coming months.
The main driver behind this change in the digital payments business is the pandemic that has been raging around the world over the last couple of years. This has made people stay indoors and even those who are not used to making payments digitally have been forced to do so during this period. Continue reading “Article: DEUTSCHE BANK RE-ENTERS PAYMENTS SPACE IN JOIN VENTURE WITH FISERV”
Deutsche Bank Jumps Back Into Payments With Fiserv Deal
Patricia Kowsmann, 21 June 2021
Deutsche Bank AG wants to get back into the suddenly valuable business of digital payments, nearly a decade after getting out of it.
Germany’s largest lender is setting up a joint venture with U.S. payments giant Fiserv Inc. to offer customers payments-processing services. The joint venture will allow Deutsche Bank’s business clients to accept payments from customers, both in person and digitally, through Fiserv’s platform called Clover, which reads credit cards, debit cards and mobile wallets, and records orders and inventory. Continue reading “Article: Deutsche Bank Jumps Back Into Payments With Fiserv Deal”
The EU clears banks that ban bond transactions after the “declaration of honor”
Agnes Zang , 18 June 2021
The previous eight banks Banned After promising “integrity” and providing evidence of “remedial measures” after historical violations of antitrust rules, the bond sales of the EU’s 800 billion euro recovery fund have been approved to process future transactions.
Earlier this week, the European Union launched the largest lending boom in its history, issuing 20 billion euros of bonds, but due to previous scandals involving market manipulation, 10 banks were unable to participate in the transaction. The European Commission stated that eight of the lenders are now free to deal with future bond syndicates under the plan. Continue reading “Article: The EU clears banks that ban bond transactions after the “declaration of honor””
Deutsche Bank Revamps Controls as New Lapses Threaten Turnaround
Steven Arons, 15 June 2021
Deutsche Bank AG revamped the units seeking to detect and prevent financial crimes after a number of recent compliance issues risk undermining progress in Chief Executive Officer Christian Sewing’s turnaround plan.
Chief Administrative Officer Stefan Simon, in a memo to employees Tuesday, announced a reorganization of his business into six units, with the aim of reshaping the bank’s anti financial crime efforts. As part of the changes, Mary Kirwan, a former Credit Suisse Group AG executive, and Jan-Gerrit Iken from Commerzbank AG will join. Continue reading “Article: Deutsche Bank Revamps Controls as New Lapses Threaten Turnaround”
Wildlife trafficking: a new frontier for organised financial crime
JOHN BASQUILL, 15 June 2021
Pressure is growing on financial institutions to toughen their approach to environmental crime, with G7 leaders vowing to crack down on the illicit fund flows supporting wildlife trafficking and campaign groups warning that the activity has morphed from a conservation issue to a financial crime concern.
In a communique issued ahead of June’s annual G7 summit, the finance ministers and central bank governors of Canada, France, Germany, Italy, Japan, the UK and the US jointly sounded the alarm that greater attention is being paid to wildlife trafficking. Continue reading “Article: Wildlife trafficking: a new frontier for organised financial crime”
UPDATE 1-European stocks retreat from record highs, Deutsche Bank drags
Sruthi Shankar, 31 May 2021
European stocks slipped from record highs on Monday in subdued trading due to holidays in major markets, but optimism over a swift economic recovery put the benchmark index on course for its fourth month of gains.
The pan-European STOXX 600 index was down 0.1% in morning trade, with shares in Frankfurt falling 0.3% and Paris dipping 0.1%. UK and US markets are closed for a holiday, keeping trading volumes muted across the board.
Among the top drags was Deutsche Bank, down 1.8% after the Wall Street Journal reported that the U.S. Federal Reserve told the German lender it was failing to address persistent shortcomings in its anti-money-laundering controls. Continue reading “Article: UPDATE 1-European stocks retreat from record highs, Deutsche Bank drags”
Fed Warned Deutsche Bank Over Anti-Money-Laundering Backsliding
Patricia Kowsmann and Jenny Strasburg, 30 May 2021
The Federal Reserve told Deutsche Bank AG DB 0.40% in recent weeks that the lender is failing to address persistent shortcomings in its anti-money-laundering controls, according to people familiar with the matter.
The Fed’s frustration has escalated to a point that the bank could be fined, the people said.
Deutsche Bank has poured massive resources into addressing repeated shortcomings and penalties related to allowing suspect transactions. The Fed told Deutsche Bank that instead of making progress, the German lender with a large Wall Street presence is backsliding. The regulator has said that some of the anti-money-laundering control problems require immediate attention, according to the people. Continue reading “Article: Fed Warned Deutsche Bank Over Anti-Money-Laundering Backsliding”
Fed Admonishes Deutsche Bank for Ongoing Compliance Failures
Robert Schmidt and Jesse Hamilton, 29 May 2021
The Federal Reserve has privately told Deutsche Bank AG that its compliance programs aren’t up to snuff, signaling that the scandal-plagued bank is failing to adhere to a number of past accords with U.S. regulators, according to people familiar with the matter.
The Fed’s recent warning came in an annual regulatory assessment that said Deutsche Bank hadn’t improved its risk management practices despite being under confidential agreements with the central bank to fix the issues, the people said. The assessment letter has the German bank’s leaders bracing for potential sanctions, including the possibility of a large fine, said one person briefed on the matter. Continue reading “Article: Fed Admonishes Deutsche Bank for Ongoing Compliance Failures”
Traders Shouldn’t Get Prison Time in Spoofing Case, Probation Office Says
Dave Michaels, 25 May 2021
WASHINGTON—Two former Deutsche Bank traders convicted of manipulating precious-metals prices shouldn’t go to prison, federal probation officers recommended, sparking a backlash from prosecutors who sought terms of almost five years or more.
A federal jury in September convicted James Vorley and Cedric Chanu of wire fraud after a two-week trial over their trading of gold and silver on futures exchanges operated by CME Group Inc. Prosecutors alleged the pair engaged in spoofing, a type of rapid-fire market manipulation that traders and regulators say was once rampant in futures markets. Continue reading “Article: Traders Shouldn’t Get Prison Time in Spoofing Case, Probation Office Says”
How to Combat Money Laundering in Europe
Jesper Berg, 24 May 2021
Good luck finding a major bank in Europe that hasn’t breached money laundering regulations.
In Denmark, the two largest banks, Danske Bank and Nordea, are both currently subject to criminal investigations. BNP Paribas received the highest-ever fine in 2014, when it settled with U.S. authorities and had to pay $9 billion for sanctions violations. Many others — from HSBC and Standard Chartered in the U.K. to Deutsche Bank and UBS and Credit Suisse — have had to answer for offenses.
These cases show that living up to money laundering regulations is difficult, but not doing so is one of the biggest risks to a bank’s reputation. Banks and authorities share the same goal — to stop the bad guys — but both are struggling to find a way forward. While the European Union has proposed establishing a dedicated authority on the crime, company expenses to combat laundering are ballooning. Continue reading “Article: How to Combat Money Laundering in Europe”
CFTC Whistleblower Program in Peril Over Potential $100 Million-Plus Payout
Alexandra Berzon, 11 May 2021
The Commodity Futures Trading Commission’s whistleblower program is in turmoil over a potential payout exceeding $100 million to a former Deutsche Bank AG executive—one so large it would deplete the agency’s whistleblower funds and has led it to seek congressional action.
The executive had provided information that helped CFTC and Justice Department investigations that led to roughly $2.5 billion in settlements with Deutsche Bank in 2015, including $800 million with the CFTC. They alleged that the bank manipulated the London interbank offered rate, or Libor, a benchmark interest rate used to set short-term loans for global banks. Continue reading “Article: CFTC Whistleblower Program in Peril Over Potential $100 Million-Plus Payout”
Malaysia’s 1MDB, ex-unit seek recovery of $23 bln in assets
Reuters, 10 May 2021
Malaysian state fund 1Malaysia Development Berhad (1MDB) and a former unit have filed 22 civil suits seeking to recover more than $23 billion in assets from entities and people allegedly involved in defrauding them, the finance ministry said on Monday.
The ministry, in a statement on the suits, did not identify any of the individuals or entities being sued but said two foreign financial institutions were among them. The Edge business daily, citing court documents that it said it had seen, reported that JP Morgan (JPM.N) and Deutsche Bank (DBKGn.DE) were among those being sued.
Malaysian officials did not immediately confirm the names. Continue reading “Article: Malaysia’s 1MDB, ex-unit seek recovery of $23 bln in assets”
In March, federal agents raided the Beverly Hills premises of a company called U.S. Private Vaults. According to a subsequent grand jury indictment, U.S. Private Vaults was a money laundering operation where drug dealers and others could anonymously stash fentanyl, guns, and “huge stacks of $100 bills” in safe deposit boxes. U.S. Private Vaults didn’t really bother to hide its business, boasting in ads, “We don’t even want to know your name.” It also shared its strip mall storefront with Gold Business, which allegedly specialized in laundering drug money via purchases of gold. Continue reading “Article: How America Became the Money Laundering Capital of the World”