Deutsche Bank faces investigation for possible money-laundering lapses: NYT

News June 20, 2019 No Comments

Deutsche Bank faces investigation for possible money-laundering lapses: NYT

REUTERS: US federal authorities are investigating whether Deutsche Bank AG complied with laws meant to stop money laundering and other crimes, the New York Times reported on Wednesday (Jun 19).

Shares in Germany’s biggest bank were 0.5 per cent lower on Thursday following the New York Times report, which cited seven people it said were familiar with the inquiry.

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A Deutsche Bank spokesperson declined to comment on the Times report, but said: “We remain committed to cooperating with authorized investigations.”

The investigation includes a review of the German bank’s handling of so-called suspicious activity reports that its employees prepared about possibly problematic transactions, including some linked to President Donald Trump’s son-in-law and senior adviser, Jared Kushner, the Times reported.

Reuters could not independently confirm the Times report, which said the investigation into Deutsche Bank is one element of several separate but overlapping government examinations into how illicit funds flow through the US financial system and several other banks are also being investigated.

Earlier this month, a group of US Senate Democrats urged the Federal Reserve to investigate Deutsche Bank’s relationship with Trump and Kushner.

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