Germany’s financial regulator is to scrutinise how offshore business is being conducted by German banks, media sources have reported.
Raimund Roeseler, chief executive of banking supervision at BaFin said: "We will launch a study that will look at banks’ business in tax havens. The institutions will have to explain to us exactly what they are doing there and with whom they are conducting business."
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Roeseler is interested in investigating business that banks label as "wealth management", with the aim of seeing the systems behind setting up off-shore accounts.
BaFin will also investigate on how Deutsche Bank supervised its contribution to the setting of inter-bank lending rates at the heart of the international rate-rigging scandal.
The watchdog would step up its investigations as it has doubts about Deutsche’s internal probe into the issue, media reports suggest.
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