FAST FIVE: Deutsche Bank Cleared Nearly All Of $234 Billion In 'Suspicious' Funds For Danske Bank
This means that Deutsche Bank cleared more than 4/5ths of the purportedly suspicious funds flowing out of the Danish bank's Estonian branch.
A Deutsche spokesman said the bank is cooperating with all inquiries.
But the memo obtained by the FT revealed that even as DB stepped away from dollar clearing, it continued to process payments denominated in euros, totaling some 225 million euros ($256 million) between 2015 and 2018 (though Deutsche's membership in the Single Euro Payments Area means that it was obliged to process these payments).
This means that Deutsche could face further legal penalties related to three separate scandals: The infamous Russian mirror-trading scandal (Deutsche paid more than $600 million in fines to US and UK authorities last year but US authorities are continuing their investigation), the 'Panama Papers' AML violations and the Danske scandal.
Despite these mounting legal risks, Deutsche affirmed on Thursday that it would not raise its provisions for legal judgments, likely leaving the bank vulnerable to more fines (Deutsche has already paid some $18 billion in fines since the financial crisis), which could seriously impact future earnings.