Raid on Deutsche Bank for suspected money laundering

R.azzia to Deutsche Bank: Search measures are currently underway at Deutsche Bank premises on the basis of a search warrant from the Frankfurt District Court, as announced by the Frankfurt public prosecutor on Friday. Officials from the Frankfurt Public Prosecutor’s Office, the Federal Criminal Police Office and the Bafin Financial Supervisory Authority are involved in the action, the Frankfurt judiciary announced. The Public Prosecutor’s Office is currently unable to provide further information due to the investigative proceedings in progress.

“This is an investigation by the Frankfurt Public Prosecutor’s Office into allegations of suspected money laundering filed by the bank. Deutsche Bank is cooperating fully with the authorities,” a spokesperson for the institution told FAZ. The Bafin declined to comment.

Bank employees are required by law to immediately report any suspicion that customers are attempting to launder funds from criminal transactions or that the transactions are related to terrorist financing. Such suspicious transaction reports often concern the corresponding banking sector. There, Deutsche Bank, with its global reach, helps other financial institutions process payment transactions.

As reported by the German news agency, the investigators accuse the largest German financial institution of having filed the alleged money laundering reports too late, although there had already been suspicions earlier. The “Handelsblatt” reported, citing a person familiar with the searches, that the search was “an isolated case from the client’s sphere”.

SAR is another in a series of legal and regulatory issues plaguing CEO Christian Sewing. In March, US regulators stepped up their surveillance after it emerged that Deutsche Bank had broken the terms of a judicial settlement. The reason was the slow speed with which he relayed the allegations made by an informant to the authorities.

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Most recently, the bank’s premises were raided in 2018 on charges of money laundering. At the time, video recordings frightened investors, and some 170 officials turned over the institute’s offices. The bank was fined € 15 million for failing to report suspicious transfers and for failing to exercise adequate supervision.

After the searches became known, the shares of the house of money came under pressure. Newspapers sometimes give up their 2.8% daily earnings and are down 3%.

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