Tuesday, 18 June, 2019

Deutsche Bank says money-laundering reports not waived for Trump

Deutsche Bank Flagged Suspicious Activity With Trump, Kushner Deutsche Bank Flagged Trump and Kushner for Potential Money Laundering: Report
Patty Aguilar | 20 May, 2019, 20:14

Interestingly, Trump had sued Deutsche Bank in April to stop the bank from complying with the subpoenas by Congress panels that asked for information on payments from Trump and his business.

"If for any reason I didn't like them, I would have gone elsewhere.there was always plenty of money around and banks to choose from". Banks have always been available to me, they want to make money. Only the Dems get redos!' he had vented.

Germany's largest lender Deutsche Bank failed to forward suspicions about transactions involving US President Donald Trump to American authorities, The New York Times reported on Sunday, prompting the firm to issue a denial Monday.

Anti-money laundering specialists at Deutsche Bank suggested that a federal financial-crimes watchdog be informed of suspicious activities from the accounts of both Trump and Kushner in 2016 and 2017, according to The New York Times.

Deutsche Bank, which has been subpoenaed by the House Financial Services and Intelligence Committees, has always been the subject of scrutiny and speculation due to its close relationship with Trump.

"At no time was an investigator prevented from escalating activity identified as potentially suspicious", Kerrie McHugh told the Times.

Former Deutsche Bank employees told the New York Times that the lack of action on the anti-money laundering experts' recommendations chimed with the bank's weak approach to money laundering laws.

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As the Times reported in March, "Deutsche Bank officials have quietly argued to regulators, lawmakers and journalists that Mr. Trump was not a priority for the bank or its senior leaders and that the lending was the work of a single, obscure division".

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. But one former Deutsche Bank employee, Tammy McFadden, who reviewed some of the transactions, spoke to the Times on the record.

The Times explained that certain transactions, particularly involving real-estate, can sometimes automatically trigger review procedures without any wrongdoing. The details of the transactions are not clear, but some of them reportedly involve money moving back and forth between worldwide accounts, which the bank found suspicious.

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

Instead of going to Deutsche Bank anti-money laundering experts, her report and supporting documents went to NY managers who were part of the private banking arm, which works with the extremely wealthy, the Times reports. "In fact, we have no operating accounts with Deutsche Bank", she said.

A spokeswoman for Kushner Companies said: "Any allegations regarding Deutsche Bank's relationship with Kushner Companies which involved money laundering is completely made up and totally false".

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