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Other banks have been fined as a result of information contained in the Panama Papers.

In the past, Deutsche Bank has acknowledged that its anti-money laundering efforts have fallen short of financial rules.

He believes the bank will now be paralysed for months until it becomes clear how it will be affected by new potential fines.

In 2016 alone, more than 900 customers were served by a Deutsche Bank subsidiary registered in the British Virgin Islands, generating a volume of €311m, the prosecutors allege.

Numerous police vehicles could be seen parked up outside the giant investment bank's entrances as written and electronic documents were seized from the premises.

In 2017, Deutsche Bank was fined a total of $630 million (€553.5 million) by USA and United Kingdom financial authorities over accusations of having laundered money out of Russian Federation.

About 170 police officers, prosecutors and tax inspectors searched six Deutsche Bank officers in and around Frankfurt, the public prosecutor's office said.

Deutsche Bank shares slid sharply after the news broke, and were down 3.75 percent in midday trading in Frankfurt.

The investigation relates to the Panama Papers.

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Deutsche Bank has been sanctioned in the past for failing to tackle money laundering.

Chief executive Christian Sewing, who took over in April, has been shedding jobs and making other cost cuts in an attempt to revive the bank's performance. A Deutsche Bank executive director has said the lender played only a secondary role as a so-called correspondent bank to Danske Bank, limiting what it needed to know about the people behind the transactions.

The bank said at the end of October that it expected to report a net profit for the first time since 2014, not least because no legal settlements in the hundreds of millions or even billions were on the horizon as in previous years.

The bank has publicly admitted it needs to do more to improve its processes record after months of negative attention.

The bank is being investigated over money-laundering suspicions raised by the 2016 data leak.

They also accused the bank's employees of allegedly neglecting their duties of reporting suspicious activity of clients involved in tax evasion schemes.

US Attorney General Loretta Lynch said at the time that "Deutsche Bank did not merely mislead investors: it contributed to an worldwide financial crisis".

Same year, more money: after the Libor scandal fines, Deutsche Bank agreed to a hefty batch settlement with the United States financial authorities.

In August, Reuters reported that Deutsche Bank had uncovered further shortcomings in its ability to fully identify clients and the source of their wealth.