German Authorities Raid Deutsche Bank Over Money Laundering Investigation

(RTTNews) - German authorities raided Deutsche Bank's headquarters in Frankfurt on Friday over suspected money laundering.

Officers from the financial regulator BaFin, the federal police, and the Frankfurt public prosecutor's office launched the raid after securing a search warrant from the local court, based on the suspicion that unnamed Deutsche Bank employees may have violated anti-money laundering laws.

Meanwhile, Deutsche Bank revealed that the issue was self-reported and it was "fully cooperating" with police and prosecutors who launched the raid.

"This is an investigative measure by the Frankfurt public prosecutor's office in connection with suspicious activity reports [SARs] filed by the bank," the lender said in a statement. "Deutsche Bank is fully cooperating with the authorities."

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.