The New York State Department of Financial Services (DFS) is looking into the activities of Deutsche Bank in Russia. Media reports suggest the regulator is investigating suspected money laundering in Russia.
DFS wants to find out whether $6 billion in trades made by the German bank for Russian clients constituted money laundering, according to a document acquired by the Financial Times.
Bloomberg says the department is trying to establish whether the Moscow operation would have helped Russian clients circumvent Western economic sanctions. DFS has asked Deutsche Bank to give a full list of the employees involved in the suspicious trading, the identities of counterparties involved, e-mails and other materials.