Brazil's federal police raided the offices of Banco BMG SA in Belo Horizonte and São Paulo as part of the Operação Descarte anti-money laundering operation, according to a press release by the bank.

The raids, which also included the headquarters of subsidiaries BCV Banco de Crédito e Varejo SA, BMG Leasing SA Leasing Mercantil, and ME Promotora de Vendas, targeted alleged tax and financial system violations, including bribery through shell companies, between 2014 and 2016.

A report by Valor Econômico said a São Paulo court issued a total of 29 arrest warrants and ordered the seizure of about 100 million reais in assets.

The court also ordered the dismissal of Márcio Alaor de Araújo and Marcus Vinícius Fernandes Vieira from the board of Banco BMG.

The bank will also launch its own investigation on the alleged violations, saying "that it is unaware of any evidence of the practice of the investigated crimes."

As of Oct. 29, US$1 was equivalent to 5.77 Brazilian reais.