Deutsche Bank under investigation for compliance with money laundering laws: Report
There appears to be more trouble brewing for Deutsche Bank amid reports it is the subject of another investigation.
Federal authorities are examining whether the bank complied with regulations designed to stop money laundering and other crimes, The New York Times reported on Wednesday, citing several people familiar with the inquiry.
The probe covers how the bank handled reports of suspicious activity – including potentially problematic transactions – some of which are linked to President Trump’s son-in-law and senior adviser Jared Kushner.
A spokesperson for Deutsche Bank declined to comment on the report, but told FOX Business it remained committed to cooperating with authorized investigations.
A whistleblower previously told the Times that she had flagged suspicious money transfers between Kushner’s family company and individuals in Russia in 2016. The whistleblower said Deutsche Bank managers decided not to file the suspicious activity report she prepared to the Treasury Department’s financial crimes division. According to The Times, there are claims that other suspicious activity reports also were not filed – some pertaining to transactions involving Trump’s legal entities.
Several other banks are also said to be under investigation as part of a larger probe into the way illicit funds pass through the financial system.
Meanwhile, the bank is the focal point of separate congressional investigations, looking into its relationship with Trump, his family and his businesses. House Democrats are hoping to obtain more information about Trump’s financial affairs, potential dealings with Russia, and to look into possible connections to interference in U.S. elections.
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The president sued to block Deutsche Bank and Capitol One from complying with subpoena requests to turn over his financial and business records. After a judge struck down the request, the president’s lawyers were expected to appeal.
Democrats are also asking for Trump’s financial records from the IRS. The Treasury Department, under Secretary Steven Mnuchin, has so far failed to comply.