Markets

Bank stocks under pressure after money laundering report

D.he shares of Deutsche Bank and other major banks lost significant value on Monday after media reports about data leaks in the fight against money laundering. Deutsche Bank’s rate fell almost 6 percent in early trading. The Stoxx index for European bank stocks fell by almost 5 percent and thus more clearly than the overall market.

The share prices of the two British banks HSBC and Standard Chartered, which are heavily involved in Asia, had already come under selling pressure on the Hong Kong stock exchange and each fell by 4 percent. The HSBC title temporarily fell to its lowest level in 25 years. The documents also mention the two American institutes JP Morgan and Bank of New York Mellon.

A research network led by the American online news portal Buzz Feed first reported on these so-called “Fincen files”, which originate from a data leak by the US Treasury Department and are based on more than 2100 suspicious transaction reports from 2000 to 2017. According to this, banks from all over the world should have transacted business with high-risk customers for years despite strict requirements. The processes were very hesitant and in some cases were only reported years later.

The “Süddeutsche Zeitung”, which was also involved in the research, reported that money launderers had used the global infrastructure of Deutsche Bank for a longer period of time and to a greater extent than previously assumed, according to the “Fincen-Files”. Security systems at the bank had failed Deutsche Bank boss Christian Sewing also shares responsibility, since he was head of corporate auditing at the time.

Deutsche Bank rejects report

Deutsche Bank rejected the report. “Suggestions that he was responsible for the late uncovering of the mirror business are fabricated and wrong,” said the institute. “As global head of corporate auditing, he was neither in 2014
directly or indirectly involved in the examination of our Russian stock trading. ”The topics mentioned by the research network are known to the supervisory authorities as far as they concern Deutsche Bank and are being investigated.


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To the detailed view

“Where necessary and appropriate, we have taken the necessary steps. The bank has invested heavily in improving controls and we are focused on meeting our responsibilities and commitments. “The
In a letter to the Reuters news agency, Bank HSBC referred to the age of the documents and to group-wide steps in the fight against financial fraud. Standard Chartered also declares that it has taken extensive measures.

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