Deutsche Bank faces probe for money-laundering lapses

NEW YORK: US federal authorities are investigating whether Deutsche Bank AG complied with laws meant to stop money laundering and other crimes, the New York Times reported.
Shares in Germany’s biggest bank were 0.5 per cent lower following the New York Times report, which cited seven people it said were familiar with the inquiry.
A Deutsche Bank spokesperson declined to comment on the Times report, but said: “We remain committed to cooperating with authorized investigations.” The investigation includes a review of the German bank’s handling of so-called suspicious activity reports that its employees prepared about possibly problematic transactions, including some linked to President Donald Trump’s son-in-law and senior adviser, Jared Kushner, the Times reported. Earlier this month, a group of US Senate Democrats urged the Federal Reserve to investigate Deutsche Bank’s relationship with Trump and Kushner. — Reuters