Preheat the oven to 350 degrees F (175 degrees C). Grease the bottom and sides of three 9-inch round cake pans. Cut waxed paper into three 9-inch disks and fit into the pans.

Combine cake mix, pudding mix, egg whites, water, and oil in a large mixing bowl. Beat using an electric mixer for 2 minutes. Fold in grated white chocolate. Pour batter evenly between the prepared pans.

Bake in the preheated oven until a toothpick inserted into the center of each cake comes out clean, 18 to 22 minutes. Let cool in the pans, 15 to 30 minutes. Turn out onto wire racks and let cool completely, about 30 minutes more.

Place 1 cake layer on a serving plate and spread 1/2 cup of raspberry preserves on top. Place second layer on top and spread remaining preserves. Place third layer on top.

Place white chocolate for frosting in the top of a double boiler over simmering water. Stir frequently, scraping down the sides with a rubber spatula to avoid scorching, until chocolate is melted, about 5 minutes. Remove from heat and allow to cool, about 10 minutes.

Blend cream cheese and butter together in a mixing bowl using an electric mixer. Add cooled chocolate and continue mixing; add vanilla extract. Add powdered sugar slowly; beat on medium speed until fluffy.

Frost the sides and top of the cooled cake and garnish with raspberries and shaved white chocolate. Refrigerate until ready to serve.