German police conducted searches on Thursday at the headquarters of the Deutsche Bank in Frankfurt amid money laundering allegations, the Independent reported. 

According to the source, investigators are looking for evidence of illegal transactions.

The investigation is ongoing.

“We confirm that the police are currently conducting an investigation at a number of our offices in Germany. The investigation relates to the Panama Papers. We will be issuing further details in due course. We are cooperating fully with the authorities,” a spokesperson for Deutsche Bank said.