German authorities crack down on Deutsche Bank for possible money laundering

Germany’s federal police office, criminal prosecutors and the country’s financial watchdog BaFin were raiding Deutsche Bank’s headquarters in Frankfurt on Friday morning, prosecutors said in a statement. .

Shares of Deutsche Bank fell nearly 3% on the news.

Prosecutors say a search warrant has been issued by Frankfurt’s district court. They declined to provide further details.

Deutsche Bank confirmed the raid and said it was linked to suspicious activity reports issued by the bank that flagged potential money laundering.

In November 2018, Deutsche Bank was searched by 170 police, prosecutors and tax inspectors for alleged money laundering during a raid on the bank’s shares.

Thereafter, investigators are focusing on suspicious transactions within the bank’s wealth division between 2013 and 2018. The criminal investigation into the incident was later dropped, but Deutsche Bank paid 15 million euros for shortcomings in money laundering controls.

In October 2020, Frankfurt prosecutors fined the bank 13.5 million euros for its delayed reporting of suspicious transactions it processed to the Estonian branch of Danske Bank.

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