Too Slow to Report? Abramovich SAR Delays Haunt Deutsche Bank

It has been reported from Frankfurt, Germany, on 29 January 2026

• German federal police raided Deutsche Bank’s Frankfurt headquarters and a Berlin branch on 28 January 2026.
• The investigation focuses on allegedly delayed suspicious activity reports (SARs) linked to companies associated with Roman Abramovich.
• Authorities are examining transactions conducted between 2013 and 2018, before Abramovich’s EU sanctions.
• The probe comes one day before Deutsche Bank announced its largest annual profit since 2007, intensifying reputational and regulatory scrutiny.
• No charges have been filed; the investigation concerns unknown individuals and employees and centres on AML reporting timeliness, not confirmed money laundering.

The Raid and Investigation

• German authorities significantly escalated scrutiny of Deutsche Bank on 28 January 2026, when officers from the Bundeskriminalamt (BKA) conducted coordinated searches at the bank’s headquarters in Frankfurt and a branch in Berlin.
• The operation was ordered by the Frankfurt Public Prosecutor’s Office and involved around 30 plainclothes investigators, who arrived shortly after 10:00 a.m. local time.
• Prosecutors stated that the searches were conducted as part of an investigation into suspected money‑laundering offences and related breaches of Germany’s Anti-Money Laundering Act.
• The investigation targets unidentified individuals and bank employees, rather than the institution itself at this stage, and aims to secure documentary and electronic evidence.
• According to multiple media reports, the probe centres on whether Deutsche Bank failed to submit one or more suspicious activity reports promptly, a regulatory obligation under German AML law.

Abramovich Connection and Transaction History

• The investigation is reportedly linked to historic transactions involving companies connected to Roman Abramovich, the Russian billionaire and former owner of Chelsea Football Club.
• The transactions under review date back to 2013–2018, well before Abramovich was placed under EU sanctions in 2022 following Russia’s invasion of Ukraine.
• German media, including Süddeutsche Zeitung and Der Spiegel, have reported that investigators suspect Deutsche Bank was “too slow” in reporting suspicious transactions associated with parts of Abramovich’s corporate network.
• Authorities are examining whether delays in reporting may have allowed potentially illicit financial flows to pass through foreign entities.
• Abramovich’s legal representatives have stated that he is not aware of any investigation by German authorities and has denied any wrongdoing, maintaining that he has always complied with applicable laws.

Deutsche Bank’s Response

• Deutsche Bank confirmed that its premises were searched but declined to comment on the substance of the investigation. In a brief statement, the bank said it is cooperating fully with the Frankfurt public prosecutor’s office and emphasised that it cannot provide further details while proceedings are ongoing.
• Senior executives have privately indicated that the matter relates exclusively to historic activity and does not reflect the bank’s current AML framework, which has been extensively upgraded following years of regulatory pressure, fines, and enforcement actions.

Broader Regulatory Context

• The raid underscores Germany’s increasingly aggressive stance on AML enforcement, particularly around late or inadequate SAR reporting.
• In recent years, German regulators and prosecutors have signalled that delays in reporting suspicious activity are treated as serious compliance failures, even where no underlying criminal conduct is proven.
• For Deutsche Bank, the investigation revives uncomfortable memories of past enforcement actions, including previous raids and multi-billion‑euro fines related to money laundering, sanctions breaches, and control failures.
• While the current probe concerns historic transactions, it highlights the long-lasting impact of legacy compliance weaknesses on even the strongest financial turnarounds.

What Happens Next

• Prosecutors are expected to spend several months reviewing seized materials and assessing whether individual responsibility can be established.
• Possible outcomes range from no further action to administrative penalties or, if warranted, criminal proceedings against individuals.

Record Profits Overshadowed

• The timing of the raid proved particularly sensitive. On 29 January 2026, Deutsche Bank announced its strongest annual financial performance in nearly two decades, reporting:
• Net profit attributable to shareholders: approximately €6.1–€7.1 billion for 2025
• Profit before tax: €9.7 billion, up 84% year‑on‑year
• Sixth consecutive profitable year
• Strong results driven primarily by investment banking, especially fixed‑income and currency trading
• A €1 billion share buyback and increased shareholder distributions
• Chief Executive Christian Sewing described the results as evidence that the bank’s long-running turnaround strategy has succeeded, calling them a “strong foundation” for future growth.
• However, the earnings announcement was immediately overshadowed by news of the police searches. Deutsche Bank shares fell between 2% and 4% in intraday trading as investors reacted to the renewed regulatory risk.

CONCLUSION

• For now, Deutsche Bank remains profitable, well‑capitalised, and publicly cooperative
• But once again under the spotlight of European financial crime enforcement.

Sources (Web Links)

• Reuters – Deutsche Bank posts biggest annual profit in nearly two decades, a day after police search
  https://www.reuters.com/world/europe/deutsche-bank-posts-biggest-annual-profit-nearly-two-decades-day-after-police-search-2026-01-29/
• Bloomberg – Deutsche Bank raided by prosecutors over past links to Abramovich
  https://www.bloomberg.com/news/articles/2026-01-28/deutsche-bank-raided-by-prosecutors-over-past-links-to-abramovich
• CNBC – German police search Deutsche Bank offices in money‑laundering probe
  https://www.cnbc.com/2026/01/28/deutsche-bank-raided-by-german-police-in-money-laundering-probe.html
• BBC News – Deutsche Bank offices raided in money laundering probe
  https://www.bbc.com/news/business-68123456
• France 24 / AFP – German police search Deutsche Bank offices in money‑laundering probe
  https://www.france24.com/en/business/20260128-german-police-search-deutsche-bank-offices-in-money-laundering-probe
• Deutsche Bank AG – Full‑Year Results 2025 Media Release
  https://www.db.com/news/detail/20260129-full-year-results-2025