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Deutsche Bank CFO says Police raids were not their fault

Police raids on Deutsche Bank’s offices in Frankfurt last week were, of course, not the fault of the current management team, according to the firm’s chief financial officer (CFO).

Two Deutsche Bank staff members are suspected of helping clients set up off-shore businesses to launder money gained from criminal activity.

Police raids on Deutsche Bank’s offices in Frankfurt last week were, of course, not the fault of the current management team, according to the firm’s chief financial officer (CFO).

Two Deutsche Bank staff members are suspected of helping clients set up off-shore businesses to launder money gained from criminal activity.

The wrongdoing is alleged to have continued through to 2018 but the bank’s financial chief, James von Moltke, told CNBC’s Annette Weisbach Thursday that current executives shouldn’t shoulder the blame.

“To date, we are not aware of any wrongdoing on our part, so we will await the conclusion of the prosecutors,” Von Moltke said.

In 2016 alone, more than 900 customers with a business volume of 311 million euros ($353.6 million) were thought to have been cared for by a Deutsche Bank subsidiary based in the British Virgin Islands, the prosecutor said.

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