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Deutsche Bank starts another internal probe into Danske Bank scandal

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Deutsche Bank starts another internal probe into Danske Bank scandal

Deutsche Bank AG CEO Christian Sewing said the German lender has opened another internal probe into its role in the money laundering scandal surrounding Danske Bank A/S' Estonian branch, the Financial Times reported.

Deutsche Bank served as a correspondent bank for the branch between 2007 and 2015, the FT noted. The German bank processed €31 billion of questionable funds between that time, in addition to the €132 billion that it cleared previously.

Denmark's Danske Bank stands accused of allowing billions of euros of suspicious Russian and ex-Soviet funds to flow through its Estonian branch. The lender has been charged by Danish authorities over the scandal and faces further investigation by the U.S. Justice Department as well as by criminal authorities in Estonia.

Deutsche Bank was raided in late 2018 by police in Germany in connection with the Panama Papers, the leaked documents showing how companies and individuals used offshore tax havens to hide billions of dollars.

Sewing said the second internal investigation was launched after Danske Bank's money laundering scandal became public in 2018, noting that the German lender has "a big interest in continuing to get to the bottom" of the scandal and the Panama Papers probe, the FT reported.

"So far, we do not have any evidence for misconduct on our side," Sewing said, referring to both cases, according to the report.