Deutsche Bank faces criminal investigation by the US
- 2 months ago
Deutsche Bank is facing criminal investigation in the U.S. in connection with alleged failures to comply with anti-money laundering laws.
The investigation is linked to whistle-blower Tammy McFadden, a former compliance officer in the bank’s Jacksonville, Florida, office.
McFadden alleged that in 2016 and 2017 she flagged as potentially suspicious a series of transactions involving entities controlled by President Donald Trump and by his son-in-law Jared Kushner, but her concerns were ignored by the bank.
She was subsequently sacked, and has lodged a complaint with the Securities and Exchange Commission.
One person with knowledge of the investigations said they were triggered after Steven Mnuchin, the Treasury secretary, referred the whistle-blower’s complaints to the Financial Crimes Enforcement Network, which then referred the case to the Department of Justice.
Both the Department of Justice and Deutsche Bank declined to comment.
Source: Smart Trend Team