Finance

Deutsche Bank denies a report it prevented Trump transactions being flagged

White House senior adviser Jared Kushner listens as President Donald Trump announces that the United States will designate North Korea a state sponsor of terrorism during a cabinet meeting in the Cabinet Room at the White House in Washington, DC on Monday, Nov. 20, 2017.
Jabin Botsford | The Washington Post | Getty Images

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 entities controlled by President Donald Trump and his son-in-law, Jared Kushner, 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 said in a statement on Monday.

Citing five current and former Deutsche Bank employees, The New York Times reported on Sunday that the transactions, some of which involved Trump'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 Treasury Department that polices financial crimes, according to the newspaper.

Deutsche Bank were down 1.5% in premarket trading in Frankfurt.

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Key Points
  • Transactions in 2016 and 2017 triggered automated controls at Deutsche Bank meant to catch illicit activity, and compliance workers then prepared what's known as suspicious activity reports that they believed should be sent to the Treasury, according to The New York Times, which cited five current and former bank employees.
  • The move to disregard the compliance workers' recommendation was part of a pattern at Deutsche Bank of rejecting concerns to protect relationships with valued clients, the Times said.
  • Deutsche Bank denied that it prevented employees from escalating reports, and the Trump Organization and Kushner Companies each pushed back against the report.