German authorities raid Deutsche Bank in relation to Danske scandal

German authorities raid Deutsche Bank in relation to Danske scandal

German authorities have raided Deutsche Bank's Frankfurt headquarters and are searching for information related to Danske Bank and a money laundering scandal, Frankfurt prosecutors said on Wednesday.

FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt
FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt, Germany, April 25, 2019. REUTERS/Ralph Orlowski

FRANKFURT: German authorities have raided Deutsche Bank's Frankfurt headquarters and are searching for information related to Danske Bank and a money laundering scandal, Frankfurt prosecutors said on Wednesday.

They are investigating whether Germany's biggest lender facilitated money laundering and whether it failed to alert authorities about suspicious transactions quickly enough, the prosecutors added.

Danske Bank is under investigation in several countries, including the United States, Denmark, Britain and Estonia, over suspicious payments totalling 200 billion euros (US$220 billion) moved through its tiny Estonian branch. Deutsche Bank acted as a correspondent bank for Danske.

The search, which began on Tuesday and is still ongoing, involves three prosecutors and nine agents from Germany's federal criminal police.

Deutsche Bank said it was cooperating. "Deutsche Bank has comprehensively examined the facts of the matter and has voluntarily provided the requested documents as far as possible," the bank said in a statement.

Prosecutors said the period in question is 2014 to 2018, and that there was a suspect who worked at the bank during that period.

Deutsche Bank had alerted authorities to 1.1 million suspicious transactions, prosecutors said.

However, the bank registered a double-digit number of transactions, with a volume of 12.5 million euros, either too late with authorities, or it should have blocked them from the start, prosecutors said.

(Reporting by Hans Seidenstuecker, Patricia Uhlig and Tom Sims; editing by Thomas Seythal and Alexandra Hudson)

Source: Reuters

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