"The Financial Conduct Authority (FCA) has today fined Deutsche Bank AG (Deutsche Bank) 163,076,224 [pounds] for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015," it said.
FCA said the fine was "the largest financial penalty for AML controls failings ever imposed" by the regulator and its predecessor, the Financial Services Authority.
"As a consequence of its inadequate AML control framework, Deutsche Bank was used by unidentified customers to transfer approximately $10 billion, of unknown origin, from Russia to offshore bank accounts in a manner that is highly suggestive of financial crime," the statement continued.
FCA Director of Enforcement and Market Oversight Mark Steward called Deutsche Bank's alleged infractions "simply unacceptable."
"Other firms should take notice of today’s fine and look again at their own AML procedures to ensure they do not face similar action," Steward said.