Trump rejects New York Times report on Deutsche Bank transactions

The Deutsche Bank headquarters are

The Deutsche Bank headquarters are

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.

Reliable Study Materials (from Practice Tests to Video Tutorials)to Prepare for Microsoft 70-480 Exam
Make sure you check at least three different learning resources on every topic and go through the study materials several times. However, it is essential to note that the percentage on every topic is the approximate exam question weigh on each of them.

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.

Recommended News

  • War of Will wins 144th Preakness Stakes

    War of Will wins 144th Preakness Stakes

    It's a breakthrough for Gaffalione, who has become something of a rising star since being named top apprentice rider in 2015. Trainer Casse hinted his Preakness victor could now be bound for NY and the Belmont Stakes which will take place on 8 June.
    Cowboy Ezekiel Elliott Handcuffed In Vegas After Incident At Music Fest

    Cowboy Ezekiel Elliott Handcuffed In Vegas After Incident At Music Fest

    Elliott's lawyer, Frank Salzano spoke to TMZ and said event security "overreacted". "He was cuffed as a precautionary measure". Salzano also told TMZ that the running back left Vegas that night and returned to Dallas on Sunday.
    US  reaches deal with Canada, Mexico to remove steel, aluminum tariffs

    US reaches deal with Canada, Mexico to remove steel, aluminum tariffs

    In 2017, he warned auto makers that if they built cars in Mexico for export to the USA then they would attract a 35% tax. But the new treaty is called the U.S. -Mexico-Canada Agreement. "Those issues still need to be remedied", said U.S.
  • Impossible Foods debuts meatless sausage at Little Caesars

    Impossible Foods debuts meatless sausage at Little Caesars

    The potato protein from the burger has been removed, which the company says gives the meat a bouncier texture. The plant-based sausage is a first for Impossible, and was created to appeal to Little Caesars customers.
    Double amputee wins Pau Grand Prix race

    Double amputee wins Pau Grand Prix race

    That crash led to a safety auto , but Monger was able to manage the restart and hold on for victory. Monger said on Twitter , adding he was "over the moon".

    Huawei will continue security support for Android smartphones

    The move will also negatively affect USA companies since they rely on Huawei for a sizeable business. The block is set to prevent future updates.
  • The US Open Final: Who Will Make it?

    The 34-year-old Swiss won the first two sets 6-4 and 7-5, forcing an injured and struggling Djokovic to retire in the third. If she’s at her best, then she’ll make it to the final and if she performs on the day the title will be hers.
    Wolves near agreement to hire Saunders as head coach

    Wolves near agreement to hire Saunders as head coach

    Saunders received support from the Wolves' players in addition to Glen Taylor. His father, the late Flip Saunders, was the Timberwolves head coach twice.
    Ford cutting 7,000 white-collar jobs in a series of restructuring moves

    Ford cutting 7,000 white-collar jobs in a series of restructuring moves

    The layoffs included closure of five factories in the US and Canada and cuts of another 8,000 white-collar workers worldwide. The number of jobs cut is far less drastic than the 25 000 that a Morgan Stanley analyst predicted a year ago .
  • Community Shield: Manchester City to take on Liverpool

    Community Shield: Manchester City to take on Liverpool

    When asked if it was annoying City did not do better in Europe, De Bruyne said: "No, not at all". The response we did afterwards is the way you should react.
    Mitt Romney defends the president after impeachment calls

    Mitt Romney defends the president after impeachment calls

    Amash's new Republican challenger, Lower, posted a photo of himself on Facebook in front of a "Trump 2020" sign. "I respect him. Doggett responded, "I'm eager to see Democrats show the same kind of courage that Justin Amash has shown".
    Trump Trade War - Consumers are a casualty on both sides

    Trump Trade War - Consumers are a casualty on both sides

    Morgan Stanley analysts warned that a collapse of the trade talks and a lasting breakdown with higher tariffs on all U.S. US Senate Minority Leader Chuck Schumer, a Democrat, praised the administration's decision to delay the auto tariffs.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.