Deutsche Bank Found `Systemic' Failure in Russia Cash Flight
- Internal report outlines year of red flags over Moscow trades
- Warnings from Cyprus, Moscow seen bogging down in London
Deutsche Bank Finds 'Systemic' Fail in Internal Controls
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Red flags started popping up inside Deutsche Bank AG in early 2014 about billions of dollars in suspect trades from Moscow. A Cypriot bank sent a query to London. Russia’s central bank raised questions. Moscow back-office staffers compiled a list of dubious transactions.
Some of the warnings were ignored. Others were dismissed. It wasn’t until early 2015, when Russian authorities began interviewing bank employees in Moscow, that top executives in Frankfurt were alerted and the bank began a full-scale internal investigation.