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

Friday, 21 June 2019 00:00 - - {{hitsCtrl.values.hits}}

The Deutsche Bank headquarters are seen in Frankfurt, Germany - REUTERS

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, citing seven people it said were familiar with the inquiry.

Shares in Germany’s biggest bank were indicated to open 2.2% down on Thursday, according to brokerage Lang & Schwarz.

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 here. 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, the Times reported, adding that 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.

Reuters could not independently confirm the report.

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