As a result, the "suspicious activity reports" prepared by compliance staff members about the Trump and Kushner transactions were never filed with the government, the New York Times reported. McFadden claimed she was later fired in retaliation for questioning the bank's handling of potential money laundering schemes.
The report is significant in part because Deutsche Bank has been one of the few big banks willing to lend money to the Trump Organization in recent years. ".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". The red flags raised by employees do not necessarily mean the transactions were improper.
McFadden was sacked by the bank in 2018 after she persisted with her concerns over the bank's deviation from best practices. "Furthermore, the suggestion that anyone was reassigned or fired in an effort to quash concerns relating to any client is categorically false", the statement said. They said there was a pattern of bank executives rejecting reports to protect relationships with lucrative clients, according to the newspaper.
A representative for Kushner Cos. told the New York Times that any allegations regarding Deutsche Bank and Kushner Cos. that involve money laundering are made up and false.
"Where did he get all of that cash?"
"The Failing New York Times (it will pass away when I leave office in 6 years), and others of the Fake News Media, keep writing phony stories about how I didn't use many banks because they didn't want to do business with me. No, I built a great business and don't need banks", he wrote.
Since taking back the House, Democrats have made a priority out of the president's history with Deutsche Bank, concerned that there may be suspicious activity in Trump's personal and business accounts going back to 2010.
Deutsche Bank denied the report but it contributed to shares falling to a record low.
The former employees told the Times that Deutsche Bank would ignore reports of suspicious activity and were lax in their anti-money laundering enforcement.
The report quoted former DB staffer Tammy McFadden to reinforce the allegations against the bank.
Some of the transactions involved the Trump Foundation, which is now defunct, while some involved money being passed backwards and forwards between entities and individuals based overseas.
Kerrie McHugh, a Deutsche Bank spokeswoman, claimed that the bank's issues with its anti-money laundering program stem from the fact that it "requires sophisticated transaction screening technology, as well as a trained group of individuals who can analyze the alerts generated by that technology both thoroughly and efficiently".