Neil Williams of business crime solicitors Rahman Ravelli says it is another indicator of the scale of the problem that was centred on a small bank branch in Estonia.
German authorities have raided Deutsche Bank's Frankfurt headquarters in search of information relating to the Danske Bank money laundering scandal.
German prosecutors are investigating whether Germany's biggest bank facilitated money laundering and whether it was not quick enough to report suspicious transactions to the authorities. Read more about anti-money laundering investigations here.
Investigations are ongoing in several countries in relation to 200 billion euros in suspicious payments that went through Danske Bank's small branch in Tallinn, Estonia. Deutsche Bank acted as a correspondent bank for Danske.
Last month, the former head of Danske Bank in Estonia, Aivar Rehe, was found dead days after he went missing. He was a witness in the investigation but was not being treated as a suspect by the authorities.
Deutsche Bank has said it is cooperating with the investigation and has "voluntarily provided the requested documents as far as possible''. Prosecutors said their investigations into Deutsche are focused on the period 2014-18 and that Deutsche Bank had alerted authorities to 1.1M suspicious transactions. But prosecutors also said that a number of transactions, involving 12.5 million euros, were either registered by Deutsche too late with the authorities or should have been blocked by the bank immediately.
The effects of the Danske Bank scandal continue to be felt across a number of countries and within a number of banks. As the fall-out from the inquiries intensifies this will inevitably be an unwanted headache for those at the top of Deutsche Bank. Last summer saw the bank make major cutbacks and shed 18,000 jobs as it sought to minimise risks by battling falling revenues and rising costs. The legacy of Danske Bank's Estonian problems are likely to be felt well into the future by Deutsche Bank and others.
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