German law enforcement officials have searched offices at Deutsche Bank as part of an investigation into money laundering.
The inquiry is focused on historical transactions involving bank employees and businesses connected to Roman Abramovich, the Russian businessman currently under international sanctions, according to media reports.
Prosecutors announced that the investigation targets certain individuals as well as bank staff but have not disclosed specific names or a detailed timeline.
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Two sources indicated to Reuters that the transactions under scrutiny took place between 2013 and 2018.
“In the past, Deutsche Bank maintained business relationships with foreign companies which, in the course of further investigations, are themselves suspected of having been used for money laundering purposes,” prosecutors noted.
Authorities have not disclosed the identities of the individuals at the bank or the specific foreign companies under investigation.
Deutsche Bank acknowledged the search but refrained from releasing additional information.
In a statement to Private Banker International, a spokesperson from the bank said: “We confirm that the Frankfurt public prosecutor’s office is on site in our offices. The bank is cooperating fully with the public prosecutor‘s office. We cannot comment further.”
Reports in German media have pointed to possible links with Abramovich’s network of firms.
Abramovich’s legal representative told the BBC: “Our client is not aware of any investigations by the German authorities in this matter. Mr Abramovich has always acted in accordance with applicable domestic and international laws and regulations. Any suggestion to the contrary is false and defamatory, and our client reserves all rights in this matter.”
Abramovich became subject to UK and European Union sanctions in March 2022 after Russia’s military action in Ukraine.
He has accumulated substantial wealth through oil and gas ventures and is often alleged to have connections with the Russian government, claims he refutes.
Deutsche Bank has encountered several money laundering-related issues over recent years.
In 2017, it agreed to pay $630m in penalties to US and UK authorities for transactions that regulators said helped move $10bn out of Russia, Reuters added.
Later that year, the US Federal Reserve fined Deutsche Bank an additional $41m for failures in its anti-money-laundering systems.
Similar investigations have led to previous searches at Deutsche Bank offices.
In 2018, police raided the institution as part of inquiries linked to revelations from the Panama Papers.
Further searches were conducted in 2022 over questions about how promptly suspicious financial activities were reported by the bank.
Prosecutors have not provided further details on their current investigation.
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