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Deutsche Bank Offices Raided Over Suspected Money Laundering


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“German authorities have raided Deutsche Bank’s headquarters in Frankfurt over suspected money laundering at the country’s largest lender,” The Guardian reported.

Officers from the financial regulator BaFin, the federal police, and the Frankfurt public prosecutor’s office launched a raid on the bank’s glass-panelled offices Friday morning after securing a search warrant from the local court.

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From The Guardian:

Deutsche Bank said the issue had been self-reported and it was “fully cooperating” with police and prosecutors who launched the raid on its offices at 10am.

“This is an investigative measure by the Frankfurt public prosecutor’s office in connection with suspicious activity reports [SARs] filed by the bank,” the lender said in a statement. “Deutsche Bank is fully cooperating with the authorities.”

Banks and other financial institutions file SARs with law enforcement bodies when they suspect a client may be using their services for potential criminal activity. However, SARs do not mean a client is guilty of wrongdoing or require a bank to cease doing business with the client.

It is understood that the issue is linked to the late filing of an SAR related to Deutsche Bank’s role as a correspondent bank, where it does business on behalf of another lender.

A spokesperson for Frankfurt’s public prosector said they could not provide any further information while the investigation was ongoing.

Deutsche Bank shares fell nearly 2.6% following the news.

Reuters confirmed that the search was due to a tip from the bank, stating “the search involved suspicious transactions it had itself passed on to authorities.”

Deutsche Bank issued the following statement:

“This is an investigative measure by the Frankfurt public prosecutor’s office in connection with suspicious activity reports filed by the bank. Deutsche Bank is fully cooperating with the authorities.”

As Zero Hedge noted, Deutsche Bank has faced prior scrutiny for potential money laundering:

Meanwhile, Deutsche has been under the microscope for potential money laundering for years, facing nearly $700 million in fines for trades that authorities said were used to illegally launder money.



 

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