Deutsche Bank Raids: What We Know So Far

Deutsche Bank AG is back at the heart of a scandal.

Last week, 170 law enforcement officials descended on the lender to raid it in connection with suspected money laundering. The pictures of police cars with flashing lights lined up in front of the bank’s Frankfurt headquarters sent the share price to a record low as investors considered the possibility of new distractions for top management and the potential of fines. Here’s what we know so far.

What are the allegations?

Frankfurt prosecutors, who are in charge of the investigation, allege that Deutsche Bank helped clients set up companies in tax havens and that it failed to report evidence to authorities that clients used its accounts to transfer money from illicit sources. The allegations target the period from 2013 to 2018, according to a statement published by Deutsche Bank. The prosecutors’ case is based on an assessment of a large trove of documents,

... read more at: http://fortune.com/2018/12/04/deutsche-bank-raids/

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