The specialists recommended the matter be referred to a unit of the Treasury Department that polices financial crimes, but bank executives rejected their advice, the newspaper reported on Sunday.
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.
The report didn’t give specifics about the nature of the transactions but said some of them involved money being transferred back and forth with foreign entities or individuals. Former employees of Deutsche Bank, which has lent billions to the Trump and Kushner companies, told the New York Times that the decision not to report the transactions reflected the bank’s indifferent approach toward money laundering laws and its focus on protecting its relationship with important clients.
Representatives for the Trump Organization told the New York Times that the company had no knowledge of any flagged transactions with Deutsche Bank. A representative for Kushner Companies told the New York Times that any allegations regarding Deutsche Bank and Kushner Companies that involve money laundering are made up and false.
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