{"id":20933,"date":"2022-04-29T20:37:37","date_gmt":"2022-04-29T20:37:37","guid":{"rendered":"https:\/\/www.nsemgh.com\/?p=20933"},"modified":"2022-04-29T20:37:37","modified_gmt":"2022-04-29T20:37:37","slug":"deutsche-bank-hq-in-frankfurt-raided-over-suspected-money-laundering","status":"publish","type":"post","link":"https:\/\/www.nsemgh.com\/2022\/04\/29\/deutsche-bank-hq-in-frankfurt-raided-over-suspected-money-laundering\/","title":{"rendered":"Deutsche Bank HQ in Frankfurt raided over suspected money laundering"},"content":{"rendered":"
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German authorities have raided Deutsche Bank\u2019s headquarters in Frankfurt over suspected money laundering at the country\u2019s largest lender.<\/p>\n

Officers from the financial regulator BaFin, the federal police, and the Frankfurt public prosecutor\u2019s office launched a raid on the bank\u2019s glass-panelled offices \u2013 known locally as the \u201ctwin towers\u201d \u2013 on Friday morning after securing a search warrant from the local court.<\/p>\n

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Deutsche Bank said the issue had been self-reported and it was \u201cfully cooperating\u201d with police and prosecutors who launched the raid on its offices at 10am.<\/p>\n

\u201cThis is an investigative measure by the Frankfurt public prosecutor\u2019s office in connection with suspicious activity reports [SARs] filed by the bank,\u201d the lender said in a statement. \u201cDeutsche Bank is fully cooperating with the authorities.\u201d<\/p>\n

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.<\/p>\n

It is understood that the issue is linked to the late filing of an SAR related to Deutsche Bank\u2019s role as a correspondent bank, where it does business on behalf of another lender.<\/p>\n

A spokesperson for Frankfurt\u2019s public prosector said they could not provide any further information while the investigation was ongoing.<\/p>\n

Deutsche Bank shares fell nearly 2.6% following the news.<\/p>\n

Deustche Bank is Germany\u2019s largest lender and employs nearly 3,000 staff at its headquarters in Frankfurt.<\/p>\n

The Deutsche Bank offices were also subject to a two-day raid by 170 police in 2018, with staff later accused of helping wealthy clients evade tax. Prosecutors later\u00a0dropped its investigation\u00a0into two employees but fined the lender over shortfalls in its compliance procedures.<\/p>\n

Deutsche Bank has struggled to repair its reputation after a\u00a0number of scandals and affiliations\u00a0with controversial clients including the former US president Donald Trump.<\/p>\n

The lender was fined $630m (\u00a3501m) in 2017 after US and UK authorities accused the bank of failing to spot fraudulent trades worth up to $10bn that allowed money to be laundered out of Russia. Two years earlier, it was fined $2.5bn by the same authorities for its role in rigging the Libor interest rate between 2003 and 2007.<\/p>\n

It was also fined \u20ac13.5m (\u00a311.3m) by Frankfurt prosecutors in 2020 for failing to submit a suspicious report over transactions processed on behalf of Danske Bank\u2019s Estonian branch in a timely manner.<\/p>\n<\/div>\n<\/div>\n

source:theguardian<\/div>\n","protected":false},"excerpt":{"rendered":"

German authorities have raided Deutsche Bank\u2019s headquarters in Frankfurt over suspected money laundering at the country\u2019s largest lender. Officers from the financial regulator BaFin, the federal police, and the Frankfurt public prosecutor\u2019s office launched a raid on the bank\u2019s glass-panelled offices \u2013 known locally as the \u201ctwin towers\u201d \u2013 on Friday morning after securing a […]<\/p>\n","protected":false},"author":8,"featured_media":20934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[61],"tags":[11261,7358,9330,10507,5875,9478,66,9997,7201,10197,10342,5612,10346,421,3805,11774,6664,3457,9448,6808,1502,12605,6348,11331,2858,594],"class_list":["post-20933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-accused","tag-bank","tag-banks","tag-court","tag-deutsche-bank","tag-dropped","tag-germany","tag-guilty","tag-interest-rate","tag-investigation","tag-law","tag-money","tag-money-laundering","tag-police","tag-president","tag-raid","tag-regulator","tag-russia","tag-sars","tag-shares","tag-tax","tag-uk","tag-us","tag-us-president","tag-us-president-donald-trump","tag-who"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/20933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=20933"}],"version-history":[{"count":0,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/20933\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/20934"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=20933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=20933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=20933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}