Published: Mon, May 20, 2019
Global News | By Blake Casey

Bank staff flagged Trump, Kushner transactions

Bank staff flagged Trump, Kushner transactions

According to BuzzFeed News, one-fifth of all Trump-branded condos sold in the US since the 1980s were handled in cash transactions that allowed buyers to use shell companies to obscure their finances and identities - a type of exchange that the Treasury Department considers "an attractive avenue for criminals to launder illegal proceeds while masking their identities". No, I built a great business and don't need banks, but if I did they would be there, ' Trump tweeted. No time for a redo!

President Trump on Monday slammed a New York Times report that claimed Deutsche Bank employees had previously recommended that possible suspicious transactions on entities controlled by the president and his son-in-law, Jared Kushner, be reported to the USA agency that investigates federal financial crimes.

US President Donald Trump lashed out at the "failing New York Times" in a Monday morning tweet storm after the newspaper reported that Deutsche Bank employees had noticed "suspicious activity" on his accounts.

The activity on accounts belonging to both Trump and Kushner was flagged by Deutsche Bank software made to detect actions that appears to be potentially illegal.

Suspicious activity reports were prepared for filing with the US Treasury for investigation as possible federal financial crimes, yet, according to the report, bank executives overruled the employees and did not alert the government.

The relationship between Trump and Deutsche Bank has been scrutinized in recent weeks.

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But executives "rejected their employees' advice" that they be sent to the Treasury, the New York Times reported. She and some coworkers suggested that the report were squashed to preserve the bank's relationship with Kushner.

Investors are calling on the bank to scale back its investment bank after talks to merge with a rival failed and amid a grim profit outlook.

Trump accused the paper and other "Fake News Media" of "writing phony stories" claiming banks did not want to do business with him. "WRONG!" They say the rejection of the recommendation was standard bank procedure when lucrative clients were involved. "But interviews with more than 20 current and former Deutsche Bank executives and board members, a lot of them with direct knowledge of the Trump relationship, contradict the bank's narrative".

"Furthermore, the suggestion that anyone was reassigned or fired in an effort to quash concerns relating to any client is categorically false", it added. The report also noted that "at least some of them involved money flowing back and forth with overseas entities or individuals, which bank employees considered suspicious".

Trump has sued in court in an attempt to block U.S. House of Representatives subpoenas for his financial records that were sent to Deutsche Bank, Capital One Financial Corp and the accounting firm Mazars LLP.

The report also said the red flags do not indicate that the transactions were improper.

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