Deutsche Bank’s Frankfurt HQ searched in Panama Papers probe

Deutsche Bank offices raided in connection with Panama Papers

Deutsche Bank offices raided in connection with Panama Papers

Investigators are looking into the activities of two Deutsche Bank employees who allegedly helped clients to set up offshore companies to launder money, it added.

Records from the Panamanian law firm Mossack Fonseca were the the basis of the Panama Papers investigation and included more than 10m documents.

They contained evidence of widespread abuse of the global financial system including tax avoidance and evasion by celebrities, politicians and corporations.

In 2016, over 900 customers were served by a Deutsche Bank subsidiary registered on the British Virgin Islands, which generated €311 million, said the prosecutor.

Money obtained illegally may have been transferred to accounts at Deutsche Bank, which failed to report the suspicions that the accounts may have been used to launder money, Frankfurt prosecutors said.

In August, Deutsche Bank uncovered shortcomings in its screening process to fully identify clients and the source of their wealth, according to Reuters.

Citing people familiar with the matter, Bloomberg News had reported that Deutsche was the unnamed bank a Danske whistleblower said had handled nearly $150 billion of suspect transactions originating in the Danish firm's Estonian branch. The large-scale sweeps were conducted today by about 170 police officers, prosecutors and tax inspectors.

What do you think about Deutsche Bank's new scandal?

Congresswoman Barbara Lee defeated in pursuit of Democratic caucus chair
Votes were still being counted, but she was assured of victory. "Unfortunately, our concerns were dismissed outright", Rice said. Pelosi took the first step to reclaiming the speaker's gavel as she secured a majority of votes in the closed-door session.

Christian Sewing was appointed as chief executive in April to help the bank to rebuild. He trimmed USA operations and reshuffled the management board but revenue has continued to slip.

As news broke Thursday morning that Deutsche Bank's German headquarters had been raided in Frankfurt over, numerous observers were quick to note the bank's deep ties to U.S. President Donald Trump.

Deutsche Bank was among hundreds of financial institutions whose names cropped up in the media reports about the Panama Papers.

Scandinavian lenders Nordea and Handelsbanken have already been fined by regulators for violating money laundering rules.

It is separate from another money laundering scandal surrounding Danske Bank, where Deutsche Bank is involved. Starting at 10 a.m. local time, officers descended on six buildings in Frankfurt, where Deutsche Bank has its headquarters, as well as premises - including at least one suspect's home - in nearby Eschborn and Gross-Umstadt.

US and British regulators fined the bank $630 million previous year for allowing wealthy Russians to launder $10 billion in cash between 2012 and 2015.

The bank signed a $7.2 billion settlement with the US Department of Justice in 2017, after being accused of having sold investors bad mortgage-backed securities between 2005 and 2007.

Same year, more money: after the Libor scandal fines, Deutsche Bank agreed to a hefty batch settlement with the United States financial authorities.

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