Bank Staff Flagged Trump, Kushner Transactions for Watchdog: NYTimes

Kevin Lamarque/Reuters

Anti-money laundering specialists at Deutsche Bank AG recommended in 2016 and 2017 that multiple transactions involving entities controlled by President Donald Trump and his son-in-law, Jared Kushner, be reported to a federal financial-crimes watchdog, the New York Times reported on Sunday.

The newspaper, citing five current and former Deutsche Bank employees, said executives at the German-based bank, which has lent billions of dollars to the Trump and Kushner companies, rejected their employees’ advice and the reports were never filed with the government.

Deutsche Bank denied the report but shares in Germany’s largest bank hit a new low on Monday, below a previous minimum set in December. At 1050 GMT, shares traded down 3.2 percent at 6.62 euros.

The compliance allegations are the latest in a wave of problems to beset the bank which faces investors at its annual meeting on Thursday.

The Times said the transactions, some of which involved Trump’s now-defunct foundation, set off alerts in a computer system designed to detect illicit activity, according to the former bank employees.

Compliance staff members who then reviewed the transactions prepared so-called suspicious activity reports that they believed should be sent to a unit of the Treasury Department that polices financial crimes, according to the newspaper.

Deutsche Bank responded with a denial of the report.

“At no time was an investigator prevented from escalating activity identified as potentially suspicious,” the bank said in a statement.

“Furthermore, the suggestion that anyone was reassigned or fired in an effort to quash concerns relating to any client is categorically false.”

MOUNTING PROBLEMS

Deutsche is facing a series of headaches.

Investors are calling on the bank to scale back its investment bank after talks to merge with a rival failed and amid a grim profit outlook. European regulators also fear Deutsche could fail U.S. stress tests.

The Times reported the bank employees viewed the decision not to report the transactions as a result of a lax approach to money laundering laws. They said there was a pattern of bank executives rejecting reports to protect relationships with lucrative clients, according to the newspaper.

One employee who reviewed some of the transactions said she was terminated last year after raising concerns about the bank’s practices, the Times reported.

A spokeswoman for the Trump Organization told Reuters “the story is absolute nonsense.” “We have no knowledge of any ‘flagged’ transactions with Deutsche Bank. In fact, we have no operating accounts with Deutsche Bank,” she said.

The newspaper said a Kushner Companies spokeswoman called any allegations of relationships involving money laundering “made up and totally false.”

Officials at Kushner Companies were not immediately available to Reuters for independent comment.

The Times said the nature of the transactions was not clear. At least some of them involved money flowing back and forth with overseas entities or individuals, which bank employees considered suspicious.

The report surfaces at a time when congressional and New York state authorities are investigating the relationship between Trump, his family and Deutsche Bank, and demanding documents related to any suspicious activity.

Trump has sued in court in an attempt to block U.S. House of Representative’s subpoenas for his financial records that were sent to Deutsche Bank, Capital One Financial Corp and the accounting firm Mazars LLP.

(Reporting by David Morgan; Editing by Daniel Wallis, Clarence Fernandez and Keith Weir)

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TOM
Member

Hmm, another story with all information coming from those unnamed sources, and that so honorable NYT. Why it must be true. Let’s see, the Trump businesses are international so it would be normal for them to transfer monies internationally. Any US person with authority over a foreign financial account in the amount over $10k has to report this to the US Treasury. Any transaction over $10k at a US bank has to be reported to FinCEN. I am sure the Mueller has investigated every transaction that Mr. Trump, President Trump, or any Trump company has made both in the US… Read more »

George
Guest
George

I think that there is such a very big scam going on with that bank and trumpf and that Kushner…..
It all should be investigated and reported to the treasury department and let them investigate and open it up to the whole population of America and for the whole world to see what kind of scam crook trumpf and that kushner really are……….

Shaun Flynn
Member

Your not to bright are you?

Tammy
Guest
Tammy

What a bunch of unverified, salacious crap. I’m surprised it wasn’t in the Mueller report.🙄

Shaun Flynn
Member

Parts of it are yet most of what was written is fiction…

Charles
Member

So, the bank denies it ever happened. Trump denies it, but the New York Times runs the story anyway because a high percentage of Democrats will believe it and repeat it. More fake news. Remember, for 13 years they reported that there were no WMDs found in Iraq while they reported the Bush ran an illegal war. Then, after multiple veterans stated they found WMDs, they finally reported the truth that WMDs were found. The New York Times is another shill for the Democrats and the anti-gun crowd.

Reuben Anderson
Guest
Reuben Anderson

Gosh. I never saw this before… ” The newspaper suggested several reasons why the U.S. government might have wanted to suppress the chemical weapons finds. For one, in five of the six cases in which troops were wounded by chemical agents, ” the munitions appeared to have been designed in the United States, manufactured in Europe and filled in chemical agent production lines built in Iraq by Western companies,” the newspaper reported. For another, the weapons were old — made before 1991 — and therefore did not back up U.S. intelligence that at the time suggested Iraq had an active… Read more »

Shaun Flynn
Member

The military industrial machine is here to help you…How may we be of service sir? lol

Nick Giotta
Guest
Nick Giotta

New York Times real name is Pravda. It is run by communist who hate America

Shaun Flynn
Member

Why yes it is and with help from Deblasio, Ermm I mean Warren Wilhiem…These fools think by changing their name they are exonerated from any wrongdoing they have done!

Larry Linn
Guest
Larry Linn

Trump said that he “did not need the money”. Then why did he apply for the loan?

Charles
Member

Show proof that he did.

Ronald
Guest

So you really think that if someone wants to develop something that he uses his own money or profit from a previous investment. You have got to be a real dumbo when it comes to investing.

Shaun Flynn
Member

His companies may have needed capital….I know to work at Wendy”s may be a challenge, so please continue your education so you may one day be successful.

Conservative Senior
Guest
Conservative Senior

The NY Times never spreads falsehoods. Right?

Deborah Owens
Guest
Deborah Owens

The Fox keeps crying Wolf….and nothing appears. Seems it is time to stop listening to NYT. The bias is obvious.

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