Yesterday’s news about Deutsche Bank’s Frankfurt headquarters being raided as part of the Panama Papers investigation has provoked a wry smile in me and many others I suspect.
Not because the share value fell 5% or because, as reported by Bloomberg, the bank has spent $18 billion on “fines and legal disputes” over the last 10 years.
Nor is it because Bloomberg reports that the bank “may have helped clients in setting up offshore companies in tax havens.” - the issue being money, potentially obtained illegally, not being reported under strict money laundering rules.
No I am amused by the fact that in April the global head of the banks department against financial crime Phillips Vollot, called for greater regulations due to crypto currencies purported attractiveness for criminals.
He said this: “Governments and regulators should thoroughly look into this to ensure that cryptocurrencies have same financial crime protection rules as traditional payment solutions.”
Of course a keen advocate of the centralised system was always going to be negative regarding crypto but this story regarding the Frankfurt raid is irony of the bitterest kind!
Other banks have been in the news; Dutch bank Rabobank and Denmark’s Danske Bank- the latter infamously laundering more funds than cryptocurrencies entire market cap.
Finally, what is the reward today for service users who have faced their worst 6 months of disruption in many years? Of course - a 3.1% price hike.