Deutsche Bank is suspected of facilitating funds to the Islamic State during the hight of the terror group’s reign in Iraq from 2014 to 2016.
A leaked trove of banking documents reveal money transfers totaling at least $4 billion that were flagged by Deutsche Bank’s U.S. branches, as well as Bank of America, to a number of Iraqi banks between June 2014 and June 2015.
ISIS was infamously in control of significant portions of Iraq in that time. It’s estimated that over 121 bank branches were controlled by the terror group. ISIS is believed to have stolen approximately $830 million during its reign.
American Deutsche Bank branches filed suspicious activity reports (SARs) that included 3,844 transactions worth over $2.3 billion and involving 13 Iraqi banks in that time.
Deutsche, in a statement to Middle East Monitor, declined to comment specifically on the allegations. They said only that the bank is “exposed to diverse financial crime risks, including money laundering, terrorism financing, and sanctions,” and that regulatory activities that the bank is subject to has led to the “appointment of a number of external monitors.”
Read more at Middle East Monitor.