German Authorities Conduct Raids at Deutsche Bank Over Money Laundering

Overview of the Investigation

By Tom Sims

Details of the Police Searches

FRANKFURT, Jan 28 (Reuters) - German federal police carried out searches at Deutsche Bank locations in Frankfurt and Berlin on Wednesday in a case related to money laundering, Frankfurt prosecutors said.

Deutsche Bank's Response

Money laundering lapses have cropped up at Germany's largest lender over the years, prompting scrutiny from regulators, fines and police raids. 

Impact on Share Prices

Prosecutors are investigating as-yet unnamed persons and bank employees, the prosecutors said in an emailed statement.

"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," Frankfurt prosecutors said.

Deutsche Bank confirmed that searches were taking place but said it would not comment further.

"The bank is cooperating fully with the public prosecutor's office," the bank said.

Its shares were 3.2% lower in early afternoon trade.

The prosecutors said they could not comment further on the background of the business relationships, the transactions carried out through Deutsche Bank or their scope, or on the companies themselves.

(Writing by Tom Sims and Miranda Murray; Editing by Madeline Chambers, Louise Heavens and Hugh Lawson)