Deutsche Bank faces US money laundering probe

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Detusche Bank is under criminal investigation in the US in connection with alleged failures to comply with anti-money laundering laws. Tammy McFadden, a former compliance officer in the bank’s Jacksonville Florida office, flagged a series of transactions controlled by President Donald Trump and by his son-in-law Jared Kushner as potentially suspicious in 2016 and 2017, but her concerns were ignored by the bank. In June, the bank disclosed that failings in its sanction controls had allowed cheques and high-value electronic payments to be processed without proper screening. Deutsche Bank’s shares are 12.6 per cent lower this year.

The Financial times,Robert Armstrong, Kiran Stacey, June 20th 2019