Deutsche Bank's Russian money-laundering controls busted by Congress for significant lapses
Kremlin photo of Russian Federation President Vladimir Putin

According to an exclusive report from Reuters, U.S. congressional investigators have identified possible failures in Deutsche Bank's money laundering controls when dealing with Russian oligarchs.


The report states that the evidence was included in a trove of information handed over by the bank.

Reuters reports, "The congressional inquiry found instances where Deutsche Bank staff in the United States and elsewhere flagged concerns about new Russian clients and transactions involving existing ones, but were ignored by managers, two of the people said," adding, "Lawmakers are also examining whether Deutsche Bank facilitated the funneling of illegal funds into the United States as a correspondent bank, where it processes transactions for others, one of the sources said."

You can read more here.