new YorkFor years, specialists in the fight against money laundering within Deutsche Bank had warned of suspicious transactions at companies run by Donald Trump and his son-in-law Jared Kushner: In 2016 and 2017, employees internally recommended that these activities be reported to US financial surveillance. Executives at the highest level, however, rejected this: At no time did Deutsche Bank pass on the information to the appropriate US supervisory authority, the New York Times reports in its Sunday issue.
The transactions that automatically triggered an alarm in the computer system related, inter alia, to the Trump Foundation, which no longer exists. It was not clear what they were all about, but they were large sums of money transferred back and forth between Trump accounts and foreign companies or organizations, the New York Times writes.
Real estate transactions, such as those made by Trump and Kushner, do include cash deals with other countries. Therefore, the transactions are not necessarily illegal. But Deutsche Bank's refusal to investigate internal reports of suspicious activity is unlawful, employees said in an interview.
"You present everything and make a recommendation and then nothing happens. That's the approach of Deutsche Bank. They tend to reject everything, "said Tammy McFadden, a former money laundering specialist at Deutsche Bank. When she criticized this practice, she was fired. Since then, she has filed a complaint with the Securities and Exchange Commission against Deutsche Bank.
Deutsche Bank rejects the allegations. "At no time" were employees hindered in their work to "escalate potentially suspicious activities," the bank said in a written statement. It was also "categorically wrong" for employees to be assigned to other tasks or to be dismissed in order to suppress expressed concerns about customers. The Bank also notes that it has increased the number of employees fighting financial crime and strengthened controls in recent years. The bank takes the rules on anti-money laundering laws and banking secrecy "very seriously."
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