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Frankfurt, Germany, prosecutors close money laundering probe into Deutsche Bank

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Frankfurt, Germany, prosecutors close money laundering probe into Deutsche Bank

Frankfurt, Germany's public prosecutor's office concluded its investigation into Deutsche Bank AG's alleged involvement in money laundering as well as on two of the lenders' employees but imposed a fine against the bank due to shortfalls in its control systems.

The German lender said Dec. 6 that the investigations were closed due to "lack of sufficient suspicion."

The closure of the investigations means dropping the allegations of aiding and abetting tax evasion and money laundering made against its suspected employees in a case related to German client interactions with offshore entities established by unit Regula Ltd., which the lender sold in 2018.

Meanwhile, Deutsche Bank agreed to pay a fine of €5 million and the confiscation of avoided expenses amounting to €10 million for shortcomings in its control environment. The bank noted that it has identified and addressed these weaknesses.

In late November 2018, local prosecutors raided the bank's premises, including its main headquarters in Frankfurt, as part of a probe into suspected money laundering.