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Exclusive: US finds possible Deutsche Bank control issues

Video Credit: Reuters Studio - Duration: 01:32s - Published
Exclusive: US finds possible Deutsche Bank control issues

Exclusive: US finds possible Deutsche Bank control issues

U.S. congressional investigators have identified possible failures in Deutsche Bank AG's money laundering controls in its dealings with Russian oligarchs, after the lender handed over a trove of transaction records, emails and other documents, three people familiar with the matter said.

Roger Fortuna has more.

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EXISTING GRAPHICS MAY BE OVERWRITTEN BY CLIENT'S OWN GRAPHICS BUT NO FURTHER EDITS ARE PERMITTED, INCLUDING FOR LENGTH** Deutsche Bank may have allowed lapses in money laundering controls involving Russian clients.

That's according to U.S. Congressional investigators.

Sources told Reuters exclusively that Germany's biggest lender ignored concerns about suspicious transactions flagged by officials in the U.S. and elsewhere.

Earlier this year, the House Financial Services Committee served Deutsche Bank with a 12-page subpoena.

A spokesperson for Deutsche said the bank could not comment on the Congressional inquiry, but said it was committed to cooperating with investigators.

Deutsche long been under scrutiny, agreeing to pay $630 million in fines back in 2017.

That was related to $10 billion in fake trades that may have been used to launder money out of Russia.

The evidence of possible new violations comes to light as Democratic-led House Financial Services Committee is probing potential money laundering linked to Trump Organization property deals.

Deutsche is Trump's biggest lender.

And the banking giant handed over hundreds of documents and emails to the House Financial Services Committee relating to clients, including Russian oligarchs.

But for the time being, sources tell Reuters the lender has NOT released records directly related to Trump and his family members.

The House Committee declined to comment on its inquiry.

Neither the White House nor the Trump Organization responded to requests for comment.




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