Deutsche Bank has agreed to pay $630 million in total to US and UK authorities to settle allegations of engaging in a money laundering scheme to move money out of Russia, and for exposing the UK financial system to the risks of financial crime. New York’s Department of Financial Services (DFS) alleged that the bank engaged in a scheme that involved clients buying stock in Moscow with rubles, and soon afterwards selling them through the bank's London branch. The regulator added that these mirror trades, which occurred between the bank's Moscow, London and New York offices, laundered $10 billion out of Russia. The bank agreed to pay $425 million in fine to DFS, and also agreed to appoint an independent monitor for its New York branch. The UK’s Financial Conduct Authority (FCA) fined the bank £163 million for failing to maintain an adequate anti-money laundering control framework between 2012 and 2015.