German prosecutors drop money-laundering probe against Deutsche Bank managers
German prosecutors drop money-laundering probe against Deutsche BankGerman prosecutors have announced that the money-laundering investigation against managers at Deutsche Bank, over its relations with Danske Bank's Estonian subsidiary have been dropped due to lack of evidence. The economic crimes unit at the Frankfurt Prosecutor's Office has fined Deutsche Bank 13.5 million Euros...
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German prosecutors drop money-laundering probe against Deutsche Bank
German prosecutors have announced that the money-laundering investigation against managers at Deutsche Bank, over its relations with Danske Bank's Estonian subsidiary have been dropped due to lack of evidence.
The economic crimes unit at the Frankfurt Prosecutor's Office has fined Deutsche Bank 13.5 million Euros ($15.9 million) for being sluggish in reporting suspected money laundering in more than 600 cases.
The case related to a whistleblower's claims that Danske had handled 200 billion Euros in suspicious payments from Russia and other ex-Soviet republics between 2007 and 2015 – most of which were processed by Deutsche Bank. However, Deutsche Bank, which broke ties with Danske in 2015, has consistently denied wrongdoing. According to prosecutors, the fine relates to delays in reporting suspicious transactions between 2010 and 2015 in connection with the so-called "Azerbaijani Laundromat", which allegedly sent money to Europe to influence politicians.
A Board member of Deutsche Bank said in statement, "With the end to proceedings, it is clear that there were no criminal lapses on the part of Deutsche Bank or its staff."
