Deutsche Bank reportedly ignored suspicious activity in Trump and Kushner accounts
In 2016 and 2017, anti-money laundering specialists at Deutsche Bank flagged several transactions involving accounts controlled by President Trump and his son-in-law, Jared Kushner, as suspicious, but executives chose to ignore their reports, current and former bank employees told The New York Times.
Multiple transactions, some involving Trump's now-shuttered foundation, set off alerts in a computer system that detects potentially illegal activity, the employees said. Workers are supposed to look over these transactions, and those deemed suspicious are reported to the Treasury Department unit covering financial crimes.
In one case, the computer system flagged several transactions involving Kushner's real estate company during the summer of 2016. Former anti-money laundering specialist Tammy McFadden told the Times she looked over the transactions, discovered money had been moved from Kushner Companies to Russian individuals, and determined these transactions should be reported. Instead of going to Deutsche Bank anti-money laundering experts, her report and supporting documents went to New York managers who were part of the private banking arm, which works with the extremely wealthy, the Times reports. They chose not to forward her report to the government, and McFadden told the Times she believes their decision was motivated by their desire to maintain a close relationship with Kushner.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Deutsche Bank has lent both Trump and Kushner companies billions of dollars, even when other financial institutions wouldn't work with Trump. Congressional and state authorities investigating the relationship between Trump and Deutsche Bank have requested records related to Trump; in April, the Trump Organization sued the bank, attempting to block it from complying with congressional subpoenas. For more on the suspicious Kushner and Trump-related transactions, visit The New York Times.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
Why Man United finally lost patience with ten Hag
Talking Point After another loss United sacked ten Hag in hopes of success in the Champion's League
By The Week UK Published
-
Who are the markets backing in the US election?
Talking Point Speculators are piling in on the Trump trade. A Harris victory would come as a surprise
By The Week UK Published
-
Crossword: November 3, 2024
The Week's daily crossword
By The Week Staff Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published