Deutsche Bank did not disclose more than one million suspect money transfers wit...
FRANKFURT/TALLINN - Deutsche Bank did not disclose more than one million suspect money transfers with Danske Bank until February, a person with direct knowledge of the matter said, about five years after a whistleblower flagged suspicious transactions at Danske.
Prosecutors are now investigating whether staff or management at Deutsche sanctioned the transactions, and whether they subsequently tried to cover them up, the person said, speaking on condition of anonymity. Deutsche was dragged into the scandal because it processed the bulk of the transactions for the Danish bank, leading German prosecutors to visit Deutsche’s headquarters last month with police and a search warrant.
Following the information from Deutsche, German prosecutors visited their counterparts in Estonia in recent weeks to investigate the suspect money flows further, the person said. That would deal another blow to Deutsche’s reputation and a setback to Chief Executive Christian Sewing’s drive to turn around Germany’s biggest lender.Once Germany’s flagship bank on Wall Street, Deutsche has been shrinking to try to return to sustainable profitability and has been hit by a string of penalties, including a $7.2 billion fine in 2017 for selling toxic U.S. mortgages before the financial crash.
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