Deutsche Bank’s offices in Frankfurt and Berlin have been raided by officials as part of a money laundering inquiry.
According to the BBC, the Office of the Federal Prosecutor said it was investigating “unknown individuals and employees” at Germany’s largest bank.
The probe involves the Federal Criminal Police Office.
The prosecutor said Deutsche Bank had previously conducted business with foreign companies that investigators suspect were used for money laundering.
A Deutsche Bank spokesperson confirmed that searches had taken place at its premises.
“No further information can be provided regarding the background of the business relationships, the transactions processed through Deutsche Bank AG, their scope, or the companies themselves,”
the prosecutor’s office said.
German media reports have suggested possible links to Russian billionaire Roman Abramovich. His lawyers describe these claims as “entirely false and inaccurate”.
A legal representative told the BBC that Abramovich has “no connection” to the raids.
They added:
“The searches conducted this week relate solely to Deutsche Bank’s alleged failure to comply with statutory reporting obligations under Germany’s anti-money laundering framework. They have nothing to do with Abramovich, whose name was only used as a way to draw media attention to the investigation. This is unacceptable and Abramovich reserves all his rights in the matter.”
Abramovich, sanctioned by the UK and EU in March 2022 after Russia’s invasion of Ukraine, made his fortune in oil and gas.
Authorities allege that he has strong ties to President Vladimir Putin, which he denies.
This is not Deutsche Bank’s first raid. Authorities searched Deutsche Bank’s Frankfurt headquarters and five other offices in 2018 during a money laundering investigation.
That probe focused on activities between 2013 and early 2018. Authorities examined whether staff helped clients set up offshore accounts to “transfer money from criminal activities.”
Featured image credit: Edited by Fintech News Switzerland, based on image by Dominic Kurniawan Suryaputra via Unsplash
