Local police and prosecutors that were searching evidence raided the Frankfurt offices of Deutsche Bank yesterday. Deutsche Bank is involved in a high-profile money laundering investigation that involves hundreds of clients. Bank officers supposedly assisted clients to launder millions of dollars through the bank’s connections.
Deutsche Bank Raided
German police and prosecutors who were looking for solid evidence to back up charges of money laundering raided the main offices of Deutsche Bank. More than 100 policemen were active on the operation. They searched the twin towers of the headquarters of Deutsche Bank wholly. This has been one of the biggest operation of this kind in Germany.
The police raided not only their headquarters. They searched other 5 offices of the bank also in the city. These movements obey to a big investigation going on since 2016. The worldwide famous Panama Papers included some allegations of money laundering regarding this bank. So the investigation started to move since then, going through transactions made from 2013 to 2018.
According to the allegations on the papers, employees aided customer to launder money knowingly. They would offer these services through offshore accounts to transfer the funds from illicit activities.
Deutsche Background In Money Laundering
Sadly, this has not been the first time that Deutsche Bank had this kind of accusations. There is a history of the transgressions that this bank has committed. Many payments that Danske Bank, another European Bank, funneled through this bank more than 200 billion euros. They said that these payments were “suspicious” in its nature and assumed to be part of a money laundering activity. After this, Danske and Deutsche banking relationships were suspended by “suspicious activities”.
Another scandal befell the bank recently. Regulators fined them due to a money laundering scheme in Russia. They channeled more than 10 billion euros in the form of stocks. Different offices on the bank in different countries of Europe bought and sold these stocks. Regulators fined them more than 500 million euros for this.
This new scandal turns the situation for the bank south. They have faced a huge loss of revenue of more than 40% from the same period last year, a thing that does not bode too well.
Banks in Money Laundering
Lately, these kind of cases involved some high profile financial institutions. Various banks were sued and fined due to rigging the FOREX market to pump up their revenue, and also Goldman Sachs ex-bankers were involved in a millionary fund corruption case in Malaysia.