Deutsche Bank notified of its possible violation of sanctions against Russia

Deutsche Bank has notified the German regulator, Bundesbank (Central Bank of Germany), about possible violation of sanctions against Russia, according to which deposits of Russian citizens should be limited to less than €100 thousand ($117.94 thousand). This is reported by Reuters and Bloomberg, citing two sources familiar with the situation. Earlier the German edition Finanz-Szene also wrote about it.

The possible violation was revealed by the working group, created by Deutsche Bank earlier this year to study compliance with stricter sanctions standards, said the interlocutors of the agencies. Bloomberg source notes that there could be several cases of violation. It is about exceeding the limit of €100 thousand on deposits of Russian retail customers.

In February, Germany updated its legislation to implement the EU sanctions regime, Bloomberg points out.

"Deutsche Bank reviews its sanctions compliance processes on an ongoing basis as part of normal business practice," Deutsche Bank commented (quoted by Bloomberg and Reuters). - When we identify potential violations, we take appropriate measures to adapt and improve our processes and proactively inform the relevant supervisory authorities".

A Bundesbank spokesman declined to comment.

The material is supplemented

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