Raid on Deutsche Bank: money laundering suspected

Raid on Deutsche Bank: the Frankfurt prosecutor’s office searched the bank’s premises. They also investigate officials from the Federal Criminal Police Office and the Financial Supervisory Authority.

At Deutsche Bank Deutsche Bank shares there was a raid on Friday. Officials from the public prosecutor’s office in Frankfurt, the Federal Criminal Police Office and the financial supervisory authority Bafin had searched the premises of the cash register in the morning, the Frankfurt judiciary announced. In the background is a search warrant from the Frankfurt district court.

A spokesperson for Deutsche Bank said the investigation was linked to reports of suspected money laundering filed by the institution. The bank cooperates fully with the authorities. Read here how money laundering works and what the penalties are.

Deutsche Bank: Share price slides red

The Money House did not indicate the context in which the suspicion of money laundering arose, who is affected or what the possible financial significance of the case is. Even the Public Prosecutor’s Office did not want to provide further information “for the investigative acts in progress”. The Bafin declined to comment.

Deutsche Bank’s shares came under pressure after the raid became known. Newspapers gave up their 2.8% daily earnings at times and dropped to just EUR 9.62.

Deutsche Bank has made headlines in the past for money laundering cases. It has been repeatedly criticized for inadequately checking certain transactions or customers. Finally, in 2018, the financial supervisor Bafin even appointed a special representative to the German industry leader to better monitor the implementation of the prescribed measures.

After another reprimand from supervisors last year, the institution had replaced the anti-money laundering officer. CEO Christian Sewing pledged greater efforts in the fight against financial crime and announced significant investments in technology, particularly in systems to combat financial crime.

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