Deutsche Bank Offices Are Raided In Money Laundering Probe

Deutsche Bank offices raided in connection with Panama Papers

German police search Deutsche Bank in money-laundering case

Denmark's state prosecutor filed preliminary charges on Wednesday against Danske for alleged violations of the country's anti-money-laundering act in relation to its Estonian branch.

Some 170 police officers and investigators from the Frankfurt prosecutor's office were searching six of the bank's premises in and around the city, the prosecutors said in a statement.

German investigators looking for evidence of possible money laundering have searched multiple offices belonging to Deutsche Bank. German prosecutors raided several Deutsche Bank offices in the Frankfurt area over suspicions of money laundering based on revelations from the 2016 "Panama Papers" data leak.

Deutsche Bank's Frankfurt offices have been raided by German police this morning in a suspected money laundering investigation.

In April, John Cryan was replaced by Christian Sewing as CEO.

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This investigation is separate to another Panama Papers probe which also involves Deutsche Bank.

Deutsche Bank confirmed the search, adding that it is fully cooperating with the authorities. He trimmed USA operations and reshuffled the management board but revenue has continued to slip. Money obtained illegally may have been transferred to accounts at Deutsche Bank, which failed to report the suspicions that the accounts may have been used to launder money, Frankfurt prosecutors said.

The lender may have helped clients in setting up offshore companies in tax havens.

Law firm Mossack Fonseca, which specialised in setting up offshore companies, was at the centre of an global scandal.

And now it seems more allegations have been put against the banks.

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The timing of the raid inflicts more pain on Deutsche Bank after a series of setbacks and repeated failures in keeping misconduct in check have pushed the shares to all-time lows.

Several Banks including Swedish lenders Nordea and Handelsbanken have already been fined by financial regulators for violating money laundering rules as a result of the papers.

Deutsche Bank retains an office in the Cayman Islands, which employs around 30 people, but there is no indication at this point that this investigation has any connection to those offices. The bank didn't have a complete picture of the compliance controls in the organization's businesses and regions, she said.

Several other institutions besides Deutsche Bank have been fined by authorities in the USA and Europe for not properly checking up on the beneficial owners of shell companies that send money through their accounts. An investigation by the U.S. Department of Justice is still ongoing.

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