Today, German judicial authorities raided buildings owned by Deutsche Bank in the cities of Frankfurt and Berlin on suspicion of money laundering.
“The charges are directed against unidentified officials and employees of Germany’s largest commercial bank,” Frankfurt prosecutors said in a statement.
Inspection process
A prosecutor’s spokesperson said: “We are unable to provide further details about the background of the business relationship, the transactions carried out through Deutsche Bank and their size, or the companies involved themselves.”
Meanwhile, a Deutsche Bank spokesperson said, “Currently, the Frankfurt Public Prosecutor’s Office is inspecting the Deutsche Bank headquarters, and we can confirm that the bank is fully cooperating with the prosecutors.Please understand that we are unable to make any further comment at this time.”
business relationship
Frankfurt prosecutors specializing in economic crimes are investigating the case in cooperation with the German police’s Federal Criminal Investigation Service.
The background of the case goes back to the bank’s past business relationships with foreign companies suspected of being involved in money laundering, and the purpose of the inspection was to obtain additional evidence.
It is worth noting that Deutsche Bank has repeatedly been criticized for not properly investigating money laundering cases and for being late in submitting reports on suspicious transactions.
German judicial authorities today raided buildings owned by Deutsche Bank in Frankfurt and Berlin on suspicion of money laundering.
“The charges are directed against unidentified officials and employees of Germany’s largest commercial bank,” Frankfurt prosecutors said in a statement.
Search operation
A spokesperson for the public prosecutor’s office said: “We are unable to provide further details regarding the background of the business relationship, the transactions and volumes carried out through Deutsche Bank, or the companies involved themselves.”
Meanwhile, a Deutsche Bank spokesperson said, “We can confirm that the Frankfurt Public Prosecutor’s Office is currently conducting a search at Deutsche Bank’s head office, and the bank is cooperating fully with the public prosecutor’s office.Please understand that we are unable to make any further comment at this time.”
business relationship
Frankfurt’s public prosecutor’s office, which specializes in economic crimes, is investigating in cooperation with the German police’s Federal Criminal Police Office.
The background of the case was related to the bank’s past business relationship with a foreign company suspected of being involved in money laundering, and the purpose of the search was to obtain additional evidence.
It’s worth mentioning that Deutsche Bank has faced repeated criticism for allegedly not adequately vetting money laundering cases and for being late in reporting suspicious transactions.
