Deutsche Bank headquarters raided in money laundering probe going into 2018

Police walk in front of Deutsche Bank headquarters

The officials said the Thursday raid wasn't related to its role as a correspondent bank for money laundering at Denmark's Danske Bank.

In the past, Deutsche Bank has acknowledged that its anti-money laundering efforts have fallen short of financial rules.

The latest raid is a new blow to Deutsche Bank, which has been hammered by a string of scandals linked to its pre-2008 crisis attempts to compete with Wall Street investment banking giants.

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In 2016 alone, over 900 customers were served by a Deutsche Bank subsidiary registered on the British Virgin Islands, generating a volume of 311 million euros.

Written and electronic business documents were seized from Deutsche Bank and further investigations are ongoing, it added.

In 2017, Deutsche Bank was fined a total of $630 million (€553.5 million) by USA and United Kingdom financial authorities over accusations of having laundered money out of Russian Federation.

In total, 170 prosecutors, police officers, and tax inspectors took part in the raid, according to a statement from the prosecutor's office in Frankfurt, Germany. Of course, we will cooperate closely with the public prosecutor's office in Frankfurt, as it is in our interest as well to clarify the facts.

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.

Christian Sewing was appointed as chief executive in April to help the bank to rebuild.

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Deutsche Bank shares fell as much as 3% on the news and were down 2.6% as of 11:20 a.m.in Frankfurt (5:20 a.m. ET).

Money laundering has become a growing problem in Europe, where a series of scandals has exposed lax regulation.

At the time, Deutsche Bank severed ties with a Cypriot lender partly owned by VTB Group that was identified in the reporting.

The bank has publicly admitted it needs to do more to improve its processes record after months of negative attention.

It is also alleged that Deutsche Bank employees breached their duties by neglecting to report money launder suspicions about clients and offshore companies involved in tax evasion schemes.

Deutsche Bank employees had devised strategies to get around the sanctions and carry out transactions worth roughly $10.9 billion.

The bank has been scrutinized for alleged money laundering for years now.

The bank signed a $7.2 billion settlement with the US Department of Justice in 2017, after being accused of having sold investors bad mortgage-backed securities between 2005 and 2007.

US Attorney General Loretta Lynch said at the time that "Deutsche Bank did not merely mislead investors: it contributed to an global financial crisis".

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