Transactions linked to President Trump and his son-in-law raised red flags in a Deutsche Bank computer system created to detect money laundering in 2016 and 2017, but the bank decided not to act, reports the New York Times, citing "five current and former bank employees".
Kerrie McHugh, a Deutsche Bank spokeswoman, told the paper that investigators were never prevented from looking further into suspicious activity and said suggestions that employees were fired "in an effort to quash concerns" relating to any client are "categorically false". The employees - most of whom spoke on the condition of anonymity to preserve their ability to work in the industry - said it was part of a pattern of the bank's executives rejecting valid reports to protect relationships with lucrative clients.
Mr. Trump's tweets Monday appear to be in response to New York Times reporting that Deutsche Bank anti-money laundering specialists recommended that multiple transactions associated with Trump and his son-in-law, Jared Kushner, be flagged to federal authorities.
The newspaper, citing five current and former Deutsche Bank employees, said executives at the German-based bank, which has lent billions of dollars to the Trump and Kushner companies, rejected their employees' advice. 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.
A spokeswoman of Kushner Companies also called the allegation of money laundering fabricated and "totally false".
Ms. McFadden said she was terminated past year after she raised concerns about the bank's practices.
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The Times said the nature of the transactions was not clear. But where did he get all of that cash?
McFadden filed a complaint with the Securities and Exchange Commission about Deutsche Bank's anti-money-laundering shortcomings, according to the report.
However, Deutsche Bank denied any wrongdoing in the matter. "No, I built a great business and don't need banks, but if I did they would be there", Trump tweeted. The details of the transactions are not clear, but some of them reportedly involve money moving back and forth between worldwide accounts, which the bank found suspicious. ".and DeutscheBank was very good and highly professional to deal with - and if for any reason I didn't like them, I would have gone elsewhere.there was always plenty of money around and banks to choose from".
A representative from the Trump Organization told the Times that they had "no knowledge of any "flagged" transactions with Deutsche Bank".
A spokeswoman for the Trump Organization, which oversees many of Trump's business interests, said the company was not aware of any flagged transactions and now has no operating accounts with Deutsche Bank, according to the Times.