Business

WSJ: Deutsche Bank advised to close business in Russia

08:18, 27 November 2020
WSJ: Deutsche Bank advised to close business in Russia Photo: FrankHoermann/SVEN SIMON/Global Look Press

New York State financial monitors recommend Deutsche Bank to wind up its business in Russia due to financial risks of corruption and money laundering, the Wall Street Journal reports.


Deutsche Bank executives want to expand in Russia despite a legacy of missteps and massive fines,

Outside monitors who watch over the bank’s money-laundering controls said it should shut the business instead, reads the article.

The monitors, appointed by New York state’s Department of Financial Services, told the bank in October that efforts to improve its operation weren’t enough to make up for the large risks of doing business with Russian clients.

A Deutsche Bank spokesman declined to comment on its dialogue with monitors but said it is conducting a risk analysis for several countries, including Russia.

The monitors can’t directly order changes at Deutsche Bank. They make recommendations that are shared with the New York regulator, which can threaten fines and costly remediation. Its actions can draw attention from other, powerful US regulators.

NEWS.ru earlier reported that Deutsche Bank and Google Cloud agreed to join forces and form a strategic partnership that aims to redefine how the bank develops and offers its financial services.