Cyprus Mail
Business

Deutsche Bank faces investigation for possible money-laundering lapses

The Deutsche Bank headquarters are in Frankfurt, REUTERS/Ralph Orlowski/File Photo

U.S. 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.

Shares in Germany’s biggest bank were 0.5% lower on Thursday following the New York Times report, which cited seven people it said were familiar with the inquiry.

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

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 https://www.nytimes.com/2019/06/19/business/deutsche-bank-money-laundering-trump.html.

Reuters could not independently confirm the Times report, which said the investigation into Deutsche Bank is one element of several separate but overlapping government examinations into how illicit funds flow through the U.S. financial system and several other banks are also being investigated.

Earlier this month, a group of U.S. Senate Democrats urged the Federal Reserve to investigate Deutsche Bank’s relationship with Trump and Kushner.


Related posts

Is there really a better alternative than Cyprus?

CM Guest Columnist

Long wait to see removal of sector’s biggest hurdle

George Christou

From sea to sky

CM Guest Columnist

Cyprus’ contribution to the changing ship finance landscape

CM Guest Columnist

Brexit deal hysteria sparks dramatic gains for UK stocks

Reuters News Service

Cyprus, Malta lead EU ranking of $1.6 trillion assets held offshore

Reuters News Service