Outside monitors who watch over Deutsche Bank AG’s money-laundering controls have warned the bank to quit Russia, according to the Wall Street Journal. The warnings come even as the bank’s executives remain focused on Russia’s expansion despite a legacy of missteps and massive fines.
- Deutsche Bank has not commented on its dialogue with monitors but said it is conducting a risk analysis in several countries, including Russia.
- The outside monitors, appointed by the New York Department of Financial Services, informed the bank in October that its efforts to expand weren’t enough to cover up for the considerable risks of doing business with Russian clients.
Deutsche Bank’s stock is currently declining. DBK is down 1.05%