US Stock Market Move | Deutsche Bank Aktiengesellschaft (DB.US) falls nearly 3% as employees are raided and searched in money laundering investigation.

On Wednesday, Deutsche Bank Aktiengesellschaft (DB.US) fell nearly 3%, closing at $39.15. According to reports, the headquarters of Deutsche Bank Aktiengesellschaft in Frankfurt and its branch in Berlin were raided by the German federal police. It is reported that the Frankfurt prosecutor's office and the Federal Criminal Police Office are investigating unknown employees of Deutsche Bank Aktiengesellschaft suspected in this case. The prosecutor's office stated that Deutsche Bank "had business relationships in the past with certain foreign companies, which are now suspected of being used for money laundering purposes." The statement said that searches are being conducted at Deutsche Bank's offices in Frankfurt and Berlin to investigate the matter. Banks must strictly monitor the funds they handle to prevent illegal money flows. Deutsche Bank has been criticized in the past for insufficient measures to prevent such activities, and has been searched multiple times and has invested heavily in improvements. The raid is a setback for Deutsche Bank Aktiengesellschaft CEO Christian Sewing. He has been in office for nearly eight years, earning praise for successfully turning around the bank and ending long-standing scandals and losses. A Deutsche Bank spokesperson stated via email: "We confirm that the Frankfurt prosecutor's office is conducting an investigation at our offices. The bank is fully cooperating with the prosecutor's office. We cannot comment further at this time."