Searches were conducted by federal police, prosecutors and other officials Deutsche Bank‘s headquarters in Frankfurt on Friday in a move Germany’s largest lender said was linked to suspicions of money laundering it had reported to the authorities.

Deutsche Bank’s Chief Executive Christian Sewing has worked to restore its image after several embarrassing and expensive regulatory failures.

Deutsche Bank stated that the investigation involved suspicious transactions and it had already reported it to authorities. It also said it was fully cooperating.

The prosecution claimed they were subject to a search warrant, but refused to provide any further details. The Prosecutors claimed they had a search warrant but declined to elaborate.

BaFin declined comment from federal police.

After the announcement of the search, bank shares plunged by more than 3%. They were trading at 2.7% early in Frankfurt.

The bank was in serious trouble in the past due to money laundering.

Since its inception, the U.S. Department of Justice has investigated it over transactions that, according to authorities, were used by Russia to launder $10billion. The investigation led to a fine of nearly $700m for the German bank.

BaFin made an unusual decision in 2018 to install KPMG at Deutsche as a monitor for progress regarding money laundering control.

BaFin gave Deutsche the order to put in place additional safeguards against money laundering last year.

Deutsche stated that it had increased its resources in order to counter money laundering.

Although the bank saw a higher-than-expected 17% gain in the first quarter profits due to increased investment banking revenues, this week it warned that the conflict with Ukraine may impact annual earnings.

A witness from Reuters stated that no one was present at the bank’s headquarters Friday morning.