Trump rejects New York Times report on Deutsche Bank transactions

Deutsche Bank staff who detected suspicious activity in Trump and Kushner bank accounts were ignored

Deutsche Bank staff who detected suspicious activity in Trump and Kushner bank accounts were ignored

The New York Times reported that Deutsche did not follow recommendations from its own money-laundering specialists that some transactions by companies controlled by Trump and his son-in-law Jared Kushner should be flagged to authorities.

In a statement, Deutsche Bank said: "At no time was an investigator prevented from escalating activity identified as potentially suspicious". Workers are supposed to look over these transactions, and those deemed suspicious are reported to the Treasury Department unit covering financial crimes.

The Times said the transactions in question, some of which involved Trump's now-defunct foundation, set off alerts in a computer system created to detect illicit activity, according to the former bank employees. A former anti-money laundering specialist for Deutsche, Tammy McFadden, told the Times that the decision not to contact the Treasury stemmed from the bank's loose interpretation of money laundering laws, and a willingness to protect big rollers.

But executives at Deutsche Bank, which has lent billions of dollars to the Trump and Kushner companies, rejected their employees' advice.

A Kushner companies spokesperson told the newspaper that "any allegations regarding Deutsche Bank's relationship with Kushner Companies which involved money laundering is completely made up and totally false".

Ms. McFadden said she was terminated a year ago after she raised concerns about the bank's practices.

McHugh also refuted the allegation that "any employee was sacked to quash concerns relating to any client".

Former employees interviewed by the newspaper, 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.

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A report by the New York Times revealed that the transactions dated to the period of 2016 and 2017.

Trump denied the allegations in early morning tweets, saying he had so much money as a businessman that he did not need banks.

"Where did he get all of that cash?"

"We have no knowledge of any "flagged" transactions with Deutsche Bank", Trump Organization spokeswoman Amanda Miller told the Times, adding her companies have "no operating accounts with Deutsche Bank".

Deutsche Bank denied the report but it contributed to shares falling to a record low.

Two House committees have subpoenaed Deutsche Bank and several other financial institutions as part of their investigations into Trump's finances. He then claimed that the reason he didn't use many banks was not that they wouldn't do business with him (which has been widely reported) but that he "didn't need money".

Deutsche Bank responded with a denial of the report. At least some of them involved money flowing back and forth with overseas entities or individuals, which bank employees considered suspicious.

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