April 30, 2022- 4:57 p.m.
Deutsche Bank Offices Raided By Police On Money Laundering Concerns
It looks as though Chief Executive Christian Sewing could actually be making an attempt to clean things up at Deutsche Bank, after years of regulatory issues at the bank.
In fact, Deutsche Bank headquarters is reportedly being searched at this moment as part of an ongoing money laundering case that it appears the bank tipped off regulators to.
The bank’s offices in Frankfurt are being searched by law enforcement authorities “after the lender flagged potential money laundering,” Bloomberg wrote on Friday morning.
The raid includes officials from the Frankfurt prosecutors office and Germany’s BKA federal police, the report continues. The searches are taking place following the decision by a Frankfurt court, the report says. Additionally, representatives of financial regulator BaFin were also involved in the search, Reuters reported.
In 2020, Deutsche Bank was fined 13.5 million euros for late reporting of suspicious activities linked to potential money laundering.
The U.S. Department of Justice has also been investigating it for years over trades that authorities said were used to launder $10 billion out of Russia, which has led to the German bank being fined nearly $700 million.
