Trump rejects New York Times report on Deutsche Bank transactions

Elias Hubbard
May 22, 2019

U.S. President Donald Trump on Monday rejected a New York Times report that raised questions about multiple Deutsche Bank transactions involving entities controlled by him and his son-in-law Jared Kushner.

A Deutsche Bank spokesperson told the Times that the bank has doubled its efforts to identify and crack down on suspicious activity. "Moreover, the proposal that Anybody fired or was reassigned in a bid to quash concerns To any customer is categorically untrue", the announcement said. 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.

Certain dealings in 2016 and 2017, including some with entities and individuals outside the U.S., set off automated alerts in the bank's systems, prompting employees to prepare "suspicious activity reports" on some of them.

On Sunday, The Times reported that the bank's anti-money laundering specialists in both 2016 and 2017 approached executives about suspicious activity in the accounts but the bank decided not to inform the Treasury Department's Financial Crimes Enforcement Network.

Former employees interviewed by the paper, some speaking on condition of anonymity, alleged a culture of blocking suspicious activity reports to protect client relationships at Deutsche, with one saying she was sacked after raising concerns. The spokesperson said the Trump Organization is no longer involved with Deutsche Bank.

The Times and others have reported that the bank was the "only mainstream financial institution consistently willing to do business" with Trump due to his repeated defaults.

That role has been extended to cover so-called "correspondent banking" after Deutsche was drawn into a massive money-laundering scandal around Denmark's Danske Bank.

Other reports by Click Lancashire

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