Germany: Deutsche Bank offices searched

On April 29, German investigators searched the offices of Deutsche Bank – the country’s largest bank, which focuses on anti-money laundering activities of the bank.

According to prosecutors, officers from the federal police force BKA, the financial watchdog BaFin and the public prosecutor’s office in Frankfurt were sent to the scene to search.

In a statement, Deutsche Bank said the search was related to suspicious activity reports filed by the bank related to money laundering. According to Deutsche Bank, the bank is currently working closely with the authorities.

In recent years, German financial authorities have closely monitored Deutsche Bank for its involvement in suspicious transactions.

In 2021, BaFin called on Deutsche Bank management to step up efforts to prevent money laundering activities. In 2019, investigators also raided Deutsche Bank’s headquarters for failing to report allegedly illegal cash flows.

Deutsche Bank branches in Frankfurt are also coming under scrutiny for their role as the foreign transaction processing bank for the Danske Bank (Danish) branch in Estonia, with a focus on the 200 billion euro money laundering case. ($212 billion) from 2007 to 2015.

Deutsche Bank later agreed to pay a fine of 13.5 million euros ($13.71 million) for not promptly reporting suspicious activity.

Deutsche Bank’s share price fell after the news related to the search was published.

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