Deutsche Bank busted in money-laundering scheme case

Prosectors in Frankfurt have dropped their investigation into two Deutsche Bank employees who were accused of aiding tax evasion schemes in the Virgin Islands, due to "lack of suspicion." The institution has instead been fined for compliance lapses.


“With the closure of these proceedings it is clear that the prosecutors have not found any instances of criminal misconduct on the part of Deutsche Bank employees following the raid of our Frankfurt office in November 2018,” Deutsche Bank spokesman Joerg Eigendorf said in a statement.

“The investigation that has now been closed due to lack of sufficient suspicion had a heavy impact on Deutsche Bank last year,” he added. “It is true that the bank had weaknesses in its control environment in the past. We identified these weaknesses and we have addressed them in a disciplined manner.”

Read the full report over at Reuters.