Deutsche Bank Headquarters Searched in Panama Papers Probe

Deutsche Bank AG’s premises including its headquarters in Frankfurt were being searched by prosecutors on Thursday in a money laundering probe, prosecutors said in a statement. Shares fell as much as 4.7 percent on Xetra in reaction.
Two bank employees were named as suspects in the case, according to the statement. Prosecutors said about 170 officials and police were involved in the raids. Deutsche Bank declined to immediately comment.
A probe into the so-called Panama Papers exposed evidence Deutsche Bank helped clients set up off-shore accounts, prosecutors said.
Deutsche Bank allegedly failed to report suspected money laundering when criminally obtained funds were transferred to accounts with the bank, the statement says.