The Federal Reserve is investigating Deutsche Bank’s involvement in billions of dollars of suspicious transactions from Denmark’s leading lender, Bloomberg News reports. The U.S. central bank is examining whether Deutsche Bank in New York properly scrutinized the transfer of billions of dollars that it carried out on behalf of Danske Bank’s Estonia branch, the report says. Danske has already admitted that much of some $230 billion that flowed through the Estonian outpost may have been laundered from clients across the former Soviet Union. Correspondent banks such as Deutsche were used to move money abroad. “There are no probes,” Deutsche Bank told Bloomberg News, but a spokesman said it has “received several requests for information from regulators and law-enforcement agencies around the world. It is not surprising at all that the investigating authorities and banks themselves have an interest in the Danske case and the lessons to be learned from it.” In 2017, the Fed was among regulators that fined Deutsche Bank nearly $700 million for allowing money laundering from Russia. A Department of Justice investigation is continuing.
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