Deutsche Bank notifies supervisors of possible Russia sanctions breach, source says
FRANKFURT, April 17 (Reuters) - Deutsche Bank has notified its supervisors of a possible breach of sanctions rules that limit deposits of Russian individuals to less than 100,000 euros ($117,940), a person with knowledge of the matter said on Friday.
The possible breach emerged after Deutsche Bank earlier this year formed a working group to study compliance with stricter sanctions laws, the person said.
"Deutsche Bank continuously reviews its processes related to sanctions compliance as part of the ordinary course of business," the bank said in a statement.
"Whenever we identify potential issues, we put in place appropriate measures to adapt and improve our processes and we inform the relevant supervisory authorities proactively. We cannot further beyond this," the bank said.
Finanz-Szene first reported the development.
(Reporting by Tom Sims; editing by Sabine Wollrab and Friederike Heine)
The full story
This article is one source in a clustered incident — the cluster page carries the summary, timeline and every other outlet covering it.
