The lawmakers are skeptical of why the financial institution failed to report suspicious banking activity associated with accounts of the president and his son-in-law to federal authorities.
Senate Democrats requested Thursday for the Federal Reserve to open an investigation into the relationship between Deutsche Bank, President Donald Trump and his son-in-law, senior adviser Jared Kushner.
"Only by conducting a thorough review of the full range of this activity can we better understand what happened in these cases," they wrote."What practices, procedures, or personnel may need to be changed at the bank; and what regulators should do to ensure the Federal Reserve's ability effectively to monitor compliance with Anti- Money Laundering laws."
Deutsche Bank executives ignored suspicious activity reports compiled by anti-money-laundering specialists who were wary of certain transactions associated with the accounts of Kushner and Trump, according to aSenior Advisor to the President Jared Kushner join U.S. President Donald Trump as he holds a press conference to discuss a revised U.S. trade agreement with Mexico and Canada in the Rose Garden of the White House on October 1, 2018, in Washington, DC.
"In light of these most recent press accounts, and Deutsche Bank's extensive history of violations, which have prompted huge penalties for the bank," the senators wrote to the Federal Reserve leaders,"we urge you to undertake a thorough evaluation of the Bank's compliance with Bank Secrecy Act and Anti- Money Laundering regulations with respect to the Trump and Kushner-related activities identified by Deutsche Bank compliance staff as suspicious.
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