German Authorities Raid Deutsche Bank in Search of Information Related to the Danske Scandal




Last modified


Deutsche Bank raided

German authorities raided the headquarters of Deutsche Bank in Frankfurt in search of information about Danske Bank’s money-laundering scandal. Frankfurt prosecutors unveiled this news on September 25. Per the prosecutors, this probe sought to find out whether the bank helped Danske bank to launder money. Also, it sought to find out whether the bank failed to report suspicious transactions quickly enough.

A report unveiled that the search involved three prosecutors and nine federal agents. It began on September 24 and ended on September 25. Deutsche Bank noted that it was co-operating.

It also added that,

Deutsche Bank has comprehensively examined the facts of the matter and has voluntarily provided the requested documents as far as possible,

At the moment, Danske Bank is under investigation in several countries. These include the US, Denmark, Britain, and Estonia. The bank reportedly facilitated transactions totaling $220 billion through its tiny branch in Estonia. At that time, this value was more than the entire market cap of the crypto sector. While Deutsche Bank did not engage in money laundering directly, it was a correspondent for Danske Bank at the time of occurrence.

Deutsche Bank’s Involvement in the Scandal

According to the prosecutors involved in the raid, they were interested in the transactions ranging from 2014 to 2018. They believe that a suspect in the scandal worked at Deutsche Bank at that time. During this period, the bank reported more than 1.1 million suspicious transactions.

However, the prosecutors believe that the bank reported a “double-digit” number of transactions too late. Either this or the bank should have blocked the transaction from the very start. They believe that the value of these transactions was around $13.67 million.

Deutsche Bank also its money laundering issues to deal with. In the past year, the bank had its headquarters raided over connections to money laundering. A report noted that the bank “may have helped clients in setting up offshore companies in tax havens”.

In an ironic statement before authorities raided Deutsche Bank, Phillipe Vollot, the bank’s head of department against financial crime had said,

Governments and regulators should thoroughly look into this to ensure that cryptocurrencies have the same financial crime protection rules as traditional payment solutions.

This news comes after recent research from Messari suggested that fiats are more prevalent than BTC when it comes to money laundering. Per the research for every $1 in BTC spend on the darknet, $800 in fiats is laundered.

Between crypto and banks, which option do you think criminals prefer when it comes to laundering money? Let us know in the comments below.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *