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Deutsche Bank Said to End Latvian Lenders’ Dollar Accounts

  • Some banks to lose ability to clear transactions directly
  • Baltic nation has faced criticism over money laundering
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Some Latvian lenders’ ability to process U.S. dollar transactions directly is in jeopardy as Deutsche Bank AG prepares to sever ties with them, according to people familiar with the plans of Germany’s biggest bank.

Deutsche Bank has warned some of its local banking clients that direct access to dollar-clearing facilities will be cut off, said the people, who asked not to be identified as the discussions are confidential. The move won’t affect Citadele Banka AS, Rietumu Banka AS and Baltic International Bank AS, or the Nordic lenders that operate in the Baltic nation, they said. Local banks will have to use other lenders that have relationships with a dollar clearer for transactions in the U.S. currency, according to the people.