Deutsche Bank tries to make light of suspicions of helping Russians launder money

Deutsche Bank AG has reached a £163 million ($204 million) settlement with U.K. regulators over allegations it helped wealthy Russians launder money, soon after striking a similar deal with New York’s Department of Financial Services, Bloomberg News reports.

The bank exposed the U.K. financial system to the risks of financial crime by failing to properly oversee the formation of new customer relationships and the booking of global business in the U.K, the Financial Conduct Authority in London said in a statement Tuesday.

The U.S. settlement, approved by the bank on Monday, involves a payment of $425 million and resolves allegations that Deutsche Bank employees used a “mirror-trading scheme” to help wealthy Russians move $10 billion out of that country from 2011 through 2014, Bloomberg reports.

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