- Employees of Deutsche Bank’s internal anti-money laundering team recommended in 2016 and 2017 that multiple transactions involving President Donald Trump and his son-in-law Jared Kushner be reported to the Treasury Department’s financial crimes unit.
- When Deutsche Bank employees compiled suspicious activity reports and brought them in front of top executives, the executives rejected their employees’ advice.
Employees of Deutsche Bank’s internal anti-money laundering team recommended in 2016 and 2017 that multiple transactions involving President Donald Trump and his son-in-law Jared Kushner be reported to the Treasury Department’s financial crimes unit, according to a New York Times report.
Some of the transactions involved Trump’s former charitable foundation. The transactions set off an internal system designed to detect the illicit activity, reports The New York Times, citing interviews with five current and former Deutsche employees. When Deutsche Bank employees compiled suspicious activity reports and brought them in front of top executives, the executives rejected their employees’ advice.
“You present them with everything, and you give them a recommendation, and nothing happens,” Tammy McFadden, a former Deutsche employee, told The New York Times. “It’s the D.B. way. They are prone to discounting everything.”
McFadden said she had found money moved from Kushner Companies, the Kushner family real estate business, to Russian individuals. She was terminated by Deutsche last year.
Deutsche Bank’s dealings with the President and his family have come under much scrutiny as of late. During the 2016 election, Deutsche Bank refused Trump an expansion on a loan to finance work on his golf course in Turnberry, Scotland, The New York Times reported in February.
The bank concluded that Trump’s campaign rhetoric made him a risky borrower, and public knowledge of the loan arrangement could hurt the bank’s reputation. They also weighed the risks of the possibility that the bank would have to seize a president’s assets in the event of a loan default, the Times reported.
And, earlier this year, The Wall Street Journal reported that Deutsche tried to jettison a $600 million loan it made in 2016 to VTB Group, a Russian state-owned bank, amid questions over Russia’s meddling in the 2016 election that made Donald Trump president.
As reported by Business Insider