In 2016 and 2017, Deutsche Bank’s anti-money laundering specialists recommended reporting on multiple transactions involving organizations controlled by President Donald Trump and his son-in-law, Jared Kushner, to the US Federal Financial Crime Supervisory Authority, New York Times reported referring to five former and current employees of Deutsche Bank.
According to the source, the German bank staff, which provided loans of billions of dollars to the companies of Trump and Kushner, rejected the recommendations of its employees. Such messages have never been transmitted to the government.
The transactions, some of which related to the trump fund that no longer existed, triggered warnings on a computer system designed to detect illegal activity, former bank employees told The New York Times.
After that, bank employees on financial monitoring, who analyzed these transactions, prepared so-called suspicious activity reports, which should have been sent to the Justice Ministry department to combat financial crimes.
The New York Times notes that bank employees believe that the decision not to report on transactions is the result of a permissive approach to compliance with money laundering laws.
According to them, the bank’s management regularly refused to send reports in order to maintain relations with profitable customers, the newspaper said.
One employee who analyzed some of the transactions reported that she was fired last year after she expressed concern about the practice of the bank, reports the New York Times.
The newspaper quotes the official spokesperson for Deutsche Bank, who said that the investigators were not prevented from raising questions about actions deemed potentially suspicious.
A spokeswoman for the Trump Organization, which oversees many of Trump’s business interests, said the company was not aware of any flagged transactions and currently has no operating accounts with Deutsche Bank, according to the Times.
“The New York Times tries to create scandalous stories which are totally false when they run out of things to write about,” a spokeswoman for Kushner Companies said in a statement to Reuters.
Officials at Deutsche Bank and the Trump Organization were not immediately available to Reuters for independent comment.
The New York Times writes that the nature of the transactions in question is unclear.
At least some transactions were related to cash flows, the recipients or senders of which were foreign organizations or persons who were considered suspicious by bank employees.
The publication appeared at a time when Congress and the authorities of the State of New York are investigating the relationship between Trump, his family and Deutsche Bank and demand that documents related to suspicious activity be submitted.
Trump has sued in court in an attempt to block U.S. House of Representatives subpoenas for his financial records that were sent to Deutsche Bank, Capital One Financial Corp and the accounting firm Mazars LLP.