rtmark
LearnBonds.com

Deutsche Bank in Limbo over Money Laundering Lapses

Deutsche Bank in Limbo over Money Laundering Lapses

US federal authorities are looking into a potential lapse in money laundering requirements from Deutsche Bank. The investigation at one of the largest banks in the world could have long-lasting impacts on the industry and the White House.

Deutsche Bank in trouble again

According to Businesstimes, a federal inquiry into Deutsche Bank intends to find out if the bank failed to stop money laundering and other crimes. One of the most interesting parts of the investigation is linked to suspicious activity reports prepared by the bank’s employees. The report concerns with problematic transactions linked to Jared Kushner, the senior advisor and son-in-law of President Donald Trump.

Deutsche Bank in Limbo over Money Laundering Lapses

This is not the only investigation that the bank is facing. It is already facing a number of overlapping government examinations related to the illicit movements of funds from the US financial system. The sources provided information on anonymity about the investigations. Many other banks are being investigated for similar reasons.

Tammy McFadden, the Deutsche Bank whistleblower, was recently contacted by the Federal Bureau of Investigation (FBI), according to lawyer Brian McCafferty. McFadden publicly criticized the anti-money-laundering systems at the bank while working as an AML compliance officer.

While talking to The New York Times, McFadden said that she flagged several transactions related to Kushner’s family in 2016. However, the managers at the bank decided not to file a suspicious activity report prepared by her. A few of her colleagues had similar experiences in 2017 while handling transactions related to Trump’s legal entities.

Note: Compare the best mobile banks here.

Is the FBI involved in the investigations?

It is not clear whether the FBI is examining the bank’s handling of these transactions. However, the federal agent who contacted McFadden’s lawyer was also involved in the interviews of Val Broeksmit, the son of a deceased Deutsche Bank executive, William S Broeksmit. The investigation began as an inquiry into the bank’s work with Russian money launderers; the agents told Val.

Since then, the investigation has expanded to cover a broader range of financial misconduct at the establishment. Sources briefed about the investigation also suggest an investigation into Deutsche Bank’s role in the massive money laundering scandal at Danske Bank. The specific scope of these investigations is still unclear. The bank is also being investigated by the US attorney’s offices in Manhattan and Brooklyn in the state of New York and the Money Laundering and Asset Recovery Section of the Justice Department. The agencies declined to comment on the matter.

Explore Our Investment & Finance Resources A-Z
ABCDEFGHIJKLMNOPQRSTUVWXYZ#

Trusted & Regulated Stock & CFD Brokers

Rating

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

Rating

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
Users should remember that all trading carries risks and users should only invest in regulated firms. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Avatar

Viraj loves to write and express his views on anything related to Finance, Crypto, or Fintech. He has been covering Finance & Crypto for more than five years now. He likes Tesla. He also writes on Healthcare, and Technology among other stuff.