US firms White & Case and Sullivan & Cromwell are advising on Deutsche Bank’s £500 million money laundering fine, imposed by the Financial Conduct Authority (FCA) and the New York Department of Financial Services. The fine comes after Deutsche Bank was used by customers to transfer $10 billion out of Russia in what has been called “highly suggestive of [a] financial crime”. The FCA fined the German bank £163 million for not maintaining adequate anti-money laundering controls between 2012 and 2015. This is the largest ever fine issued by the FCA for a violation of this kind.
Recently, the New York Department of Financial Services also imposed a $425 million (£340 million) fine, which must be paid to the State’s main financial regulator. Deutsche Bank turned to White & Case in London to seek advice from dispute resolution partner John Reynolds, while instructing white collar crime partner Samuel Seymour from Sullivan & Cromwell regarding the most recent fine.