Deutsche Bank has agreed to pay a $425 million fine for failing to spot suspicious Russian trades, a statement from the New York State Department of Financial Services (DFS) said.

    According to the DFS, Deutsche Bank allowed clients to take part in a "mirror trading" scheme that moved 10 billion dollars out of Russia between 2011 and 2015.

    The scheme involved customers buying stocks in Moscow in rubles and related parties selling the same stocks shortly thereafter through the bank's London branch, the DFS said in a consent order. Local media also reported that the US Department of Justice was investigating the bank for criminal penalties over the matter. 

    A spokeswoman for Deutsche Bank said that the money needed to settle the fine - which will be paid to the DFS directly - was covered by existing reserves.

    The consent order also stipulated that the bank must appoint an "independent monitor" to check the bank's compliance with anti-money laundering rules and other regulations.

    The settlement is the latest in a long line of legal battles for Deutsche. On January 17, the US Justice Department announced a $7.2 billion settlement with Deutsche Bank over allegations that the German-based financial institution misled investors who bought mortgage-backed securities in 2006-07