Deutsche Bank faces US money laundering investigation
Deutsche Bank is facing a US criminal investigation into whether it complied with anti-money laundering laws.
US federal authorities are investigating whether Germany’s biggest lender complied laws intended to stop money laundering and other crimes, the New York Times reported.
Read more: Deutsche Bank to create €50bn bad bank in radical overhaul
The probe includes a review into the bank’s handling of alleged suspicious activity reports, including some involving legal entities controlled by US President Donald Trump and his son-in-law, Jared Kushner.
Last month it emerged that Deutsche Bank staff flagged a number of transactions linked to Trump and Kushner in 2016 and 2017.
They recommended the transactions be reported to a federal crimes watchdog but the bank’s executives ignored the plea, according to reports.
It is part of a wider investigation into how illicit funds flow through the US financial system, with several other banks also being investigated, the paper reported.
A Deutsche Bank spokesperson, declining to comment on the reports, said: “We remain committed to cooperating with authorised investigations.”
Trump has a long history of partnership with Deutsche Bank, which is believed to have lent him around $2bn (£1.6bn), with hundreds of millions still owed to the German bank.
Read more: Deutsche Bank staff flagged Trump and Kushner activity as suspicious
Both congressional and state authorities are looking into the links between Trump and Deutsche.
Trump sued the bank in April in an attempt to block it from handing over documents to congress.