Europe

UK authorities fine Deutsche Bank $204 million

British authorities say they fined Deutsche Bank 163 million pounds ($204 million) after it failed to maintain adequate anti-money laundering controls and allowed customers to transfer $10 billion out of Russia "in a manner that is highly suggestive of financial crime."

The Financial Conduct Authority said Tuesday that the fine was the largest ever imposed by British regulators for anti-money laundering violations. The New York Department of Financial Services on Monday said the bank agreed to pay a $425 million-fine following its probe of the same transactions.

Mark Steward, director of enforcement and market oversight at Britain's authority, says Deutsche Bank's failure put it "at risk of being used to facilitate financial crime and exposed the U.K. to the risk of financial crime."