Deutsche Bank says didn’t prevent Trump transactions being flagged

Big 5

Deutsche Bank denied a report that said some of its executives rejected the advice of the bank’s own anti-money laundering specialists and prevented some transactions involving President Donald Trump and Jared Kushner-controlled entities being filed with the government.

“At no time was an investigator prevented from escalating activity identified as potentially suspicious. Furthermore, suggestion that anyone was reassigned or fired in an effort to quash concerns relating to any client is categorically false,” Deutsche Bank’s statement released on Monday showed.

Citing five current and former Deutsche Bank employees, the New York Times reported earlier on Sunday that the transactions, some of which involved the U.S. President’s now-defunct foundation, set off alerts in a computer system designed to detect illicit activity.

Compliance staff members who then reviewed the transactions prepared so-called suspicious activity reports that they believed should be sent to a unit of the U.S. Treasury Department that polices financial crimes, according to the newspaper.

Deutsche Bank were down 1.5 percent in pre-market trading in Frankfurt.

Source: Reuters

Comments
Loading...