Frankfurt Prosecutors Search Deutsche Bank Amid Money Laundering Allegations

Authorities in Frankfurt have conducted searches at Deutsche Bank offices in Frankfurt and Berlin as part of an ongoing investigation into potential lapses in anti-money laundering compliance. The inquiry reportedly centers around transactions involving Roman Abramovich, a Russian businessman sanctioned by the European Union since March 2022.

According to official sources, the investigation is focused on possible failures by Deutsche Bank to promptly report suspicious activities linked to companies associated with Abramovich. German law requires financial institutions to notify authorities immediately of any transactions suspected to be linked to money laundering. Delays in reporting can result in significant penalties for the institutions involved.

The Frankfurt Prosecutor's Office for Economic Crime confirmed that it is working together with the Federal Criminal Police Office on a case related to money laundering and associated violations of anti-money laundering regulations. The investigation targets unidentified current and former employees of Deutsche Bank, who may have overlooked or inadequately reported potentially illicit transactions involving foreign entities.

Officials stated that the bank had maintained relationships with several overseas companies, some of which are under suspicion for being used as vehicles for money laundering. Due to the sensitive nature of the ongoing investigation, authorities have not disclosed further details regarding the background, transaction volumes, or specific entities involved.

A spokesperson for Deutsche Bank acknowledged the search, affirming that the bank is fully cooperating with investigators. However, the institution did not provide any further comments or clarifications regarding the ongoing proceedings.

At the core of the investigation are financial movements possibly routed through a Russian correspondent bank to Deutsche Bank, as well as historical business ties between the bank and companies linked to Abramovich. German prosecutors have previously confirmed the existence of an investigation involving a 58-year-old Russian national on suspicion of breaching foreign trade regulations. This individual is widely understood to be Abramovich, who has been the subject of multiple international investigations and asset freezes due to his connections with political figures in Russia.

Beyond Germany, authorities in other jurisdictions, including Jersey, are also examining Abramovich's financial activities for potential money laundering violations. So far, Abramovich's representatives have not responded to requests for comment regarding these inquiries.

Deutsche Bank has faced scrutiny for its anti-money laundering practices in recent years. The German financial regulator BaFin appointed a special monitor to oversee the bank's progress from 2018 through the end of 2024, following several instances where the bank was fined for delayed suspicious activity reports. One notable case involved a seven million euro penalty related to transactions linked to a relative of the Syrian president, with Deutsche Bank acting as an intermediary bank.

The current investigation comes at a time of structural changes within Deutsche Bank. The institution recently appointed a new chief legal officer and restructured its financial crime and compliance divisions. These developments are viewed as part of a broader effort to address regulatory expectations and improve the bank's response to financial crime risks.

The outcome of the ongoing probe will be closely monitored by industry observers and regulators, as it may have implications for Deutsche Bank's operational compliance and corporate governance standards in the future.