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Deutsche Bank mirror trade probe finds no evidence of sanctions breach in Russia

Deutsche Bank AG said its internal investigation over money laundering allegations in Russia provided no evidence of sanctions violations on the part of the lender, Bloomberg News reported Dec. 28.

Deutsche Bank noted in a memo that its review found deficiencies in its systems and controls, which were being addressed, Bloomberg added.

The German bank could reach a settlement by the first half of 2017 with U.S. and U.K. authorities over Russian trades that may have breached money laundering controls, according to an Oct. 28 Reuters report. The probe has historically focused on whether clients transferred money in breach of western sanctions on Russia over the Ukraine conflict, but the focus is now on alleged money laundering. The so-called Russian "mirror trades" may have allowed customers to illegally move money across borders.

Meanwhile, the bank, which agreed to a $7.2 billion settlement with the U.S. Department of Justice over a probe into allegedly misselling mortgage backed securities, said in the memo that it does not expect the fine to have an impact on its credit rating or its ability to operate in the U.S. Deutsche Bank expects to pay the coupon on all its debt instruments, according to Bloomberg.