The US Federal Reserve must open a probe into Deutsche Bank's relationship with President Donald Trump and senior White House adviser Jared Kushner after media reports that bank officials ignored suspicious activities on accounts associated with the two men, a group of seven Democratic senators said on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 07th June, 2019) The US Federal Reserve must open a probe into Deutsche Bank's relationship with President Donald Trump and senior White House adviser Jared Kushner after media reports that bank officials ignored suspicious activities on accounts associated with the two men, a group of seven Democratic senators said on Thursday.
"In light of these most recent press accounts, and Deutsche Bank's extensive history of violations, ... we urge you to undertake a thorough evaluation of the Bank's compliance with Bank Secrecy Act and Anti-Money Laundering regulations with respect to the Trump and Kushner-related activities identified by Deutsche Bank compliance staff as suspicious," the senators said in a letter to Fed Chairman Jerome Powell and New York Fed President John Williams.
The senators referenced a New York Times article, published on May 19, that accuses senior Deutsche Bank Wealth Management officials of repeatedly ignoring the the recommendations of their own anti-money laundering compliance experts that the bank file suspicious activities reports on transactional activity tied to Trump, Kushner and their respective business entities.
"Deutsche Bank has been the President's largest lender and extended him lines of credit when other financial institutions would no," the senators said.
Furthermore, the senators requested additional information from Powell and Williams regarding the matter by June 24.
The seven Democratic senators include Chris Van Hollen, Sherrod Brown, Jack Reed, Robert Menendez, Elizabeth Warren, Catherine Cortez Masto and Tina Smith.
On May 22, a federal judge in New York ruled that Deutsche Bank and Capital One can turn over financial records related to Trump and his organization to Congress.
