Billion from dubious sources: money-laundering scandal, Danske Bank, Deutsche Bank expands

The German Bank is clearly involved deeper in the money laundering scandal of the Danske Bank than previously known. Between spring 2013 and autumn 2014, the group has rejected at least a dozen Times, Transfers from Danske customers on German Bank accounts, because, apparently, doubt as to the seriousness of the account holder of the stock. Nevertheless, the Frankfurt your business relationship with Danske before 2015, discontinued. Click here to read the whole story in the new MIRROR.)

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The Danske Bank from 2007 to 2015 in the center of a large-scale money laundering system. Mußmaßlich Eastern Europeans transferred through accounts at the Estonian Danske subsidiary of money in the West. The Transfers to be made only in the amount of about 230 billion dollars, co-operated Danske with correspondent banks that earned on it - including the German Bank. Alone, around 150 billion dollars are to be paid for it.

The money laundering System would not work if the small, Danske have not turned on several large banks, the Transfers handle: JPMorgan Chase, Bank of America and Deutsche Bank. These correspondent banks due to their size and interconnectedness of the utmost importance for international payments, which is virtually the heart of the globalized world economy.

Only in 2015, the cooperation has been set

The German Bank has traditionally been strong in this business, it was founded in 1870 to Finance the Export drive of the German industry. However, it is therefore also particularly susceptible to illicit money transfers around the world. According to the former head of the trading business of the Estonian Danske Bank branch Howard Wilkinson, the bulk of the money-laundering even ran through the accounts of Deutsche Bank: about 150 billion 230 billion dollars. Only in 2015, the Frankfurt set the cooperation with Danske, "after we had identified an increase of Onbahis suspicious transactions by Danske-customers", such as it informs.

Deutsche Bank argues, it was not their own, but Danskes customers. Therefore, you have to be able to these customers in the framework of its Know-Your-Client processes check.

beat However, their risk systems multiple Alarm while trying to British letter box companies, to transfer money from Danske - German-Bank-accounts. According to the findings of "the Organized Crime and Corruption Reporting Project" should have used the Azerbaijani Regime of President Ilham Aliyev, in a letter-box companies like LCM and Hilux, to launder money and to influence Western politicians.

"takes as Long as it is about individual cases, this does not automatically mean that the correspondence relationship is altogether finished," said Deutsche Bank. This did not happen until 2015. Clear indications there had been, however, previously two years.

Two is the burst transfer is remarkable: It shows that the much-maligned risk of work systems at the German Bank, at least in individual cases. However, it is questionable why it took more than two years after the first alarm signals that the German Bank broke off their business relationship to Danske Bank. JPMorgan Chase, for example, had already drawn 2013 the ripcord.

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