U.S. federal prosecutors are investigating billions of dollars of trades Deutsche Bank AG made on behalf of Russian clients as recently as this year, according to people with knowledge of the situation.
The Justice Department’s criminal probe, which hasn’t been previously reported, focuses on so-called mirror trades, these people said. Such trades may have allowed Russian clients to move funds out of the country without properly alerting authorities, a person familiar with the situation has said.
The new inquiry adds to the wave of legal woes challenging Germany’s largest bank, which has been buffeted by multiple investigations, resignations of top executives and a leaked confidential document in which German regulators alleged senior officials were aware of traders’ efforts to manipulate markets.
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