Deutsche Bank headquarters got raided this week as another bank that regularly criticizes Bitcoin is again suspected of money laundering. Prosecutors said about 170 officials and police were involved in the raids.
More than 170 police took part in the operation which was targeting two staff members who are alleged to have set up off-shore firms for clients to launder money from criminality.
Police vehicles are parked at Deutsche Bank's headquarters in Frankfurt on November 29, 2018. Money obtained illegally may have been transferred to accounts at Deutsche Bank, which failed to report the suspicions that the accounts may have been used to launder money, Frankfurt prosecutors said.
This investigation is separate to another Panama Papers probe which also involves Deutsche Bank.
TRT World's Ira Spitzer has more details from Berlin.
In 2016, over 900 customers were served by a Deutsche Bank subsidiary registered on the British Virgin Islands, which generated €311 million, said the prosecutor.
In 2017, the bank was landed with a £506m fine by the Financial Conduct Authority for failing to prevent $10 billion of Russian money-laundering.
The prosecutors said they were looking at whether Deutsche Bank may have assisted clients to set up "offshore companies" in tax havens so that funds transferred to accounts at Deutsche Bank could skirt anti-money-laundering safeguards.
The investigation was launched after evaluation of the explosive Panama Papers tax haven revelations and the previous Offshore Leaks report of offshore bank accounts, according to a government spokesman, Nadja Niesen.
In 2017, Deutsche Bank was fined $630m (£504m) by U.S. and United Kingdom regulators in connection with a Russian money laundering plan.
Denmark's state prosecutor filed preliminary charges on Wednesday against Danske for alleged violations of the country's anti-money-laundering act in relation to its Estonian branch.
Deutsche Bank has played a central role in real estate development financing in the USA over the last several years - particularly in NY - but it's found itself in hot water recently.
He believes the bank will now be paralysed for months until it becomes clear how it will be affected by new potential fines.
Deutsche Bank has been under pressure after annual losses, and it agreed to pay a $7.2 billion settlement with USA authorities a year ago over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis.
The Danish bank said many of those payments were suspicious.