Around 170 police officers, prosecutors and tax inspectors searched six Deutsche Bank offices in and around Frankfurt on Thursday over money laundering allegations, the Frankfurt public prosecutor’s office said in a statement.
The bank’s shares were down 2.7 percent by 0953 GMT.
The prosecutors said they are looking at whether Deutsche Bank may have assisted clients to set up “Offshore-Companies” in tax havens so that funds transferred to accounts at Deutsche Bank could skirt anti-money laundering safeguards.
In 2016 alone, over 900 customers were served by a Deutsche Bank subsidiary registered on the British Virgin Islands, generating a volume of 311 million euros, the prosecutors said.
They also said Deutsche Bank employees are alleged to have breached their duties by neglecting to report money laundering suspicions about clients and offshore companies involved in tax evasion schemes.
Denmark’s state prosecutor on Wednesday filed preliminary charges against v for alleged violations of the country’s anti-money laundering act in relation to its Estonian branch.
Danske is under investigation for suspicious payments totaling 200 billion euros from 2007 onwards and a source with direct knowledge of the case has told Reuters Deutsche Bank helped to process the bulk of the payments.
A Deutsche Bank executive director has said the lender played only a secondary role as a so-called correspondent bank to Danske Bank, limiting what it needed to know about the people behind the transactions.