Deutsche Bank acknowledged on Wednesday that it had used faulty software to screen customer transactions for suspicious activity, another blow to the lender’s reputation as top executives prepare to face restive shareholders at its annual meeting.
[...]
The bank maintained that no suspicious transactions had slipped through as a result.
“Deutsche Bank is working on correcting the error as quickly as possible and is in close contact with the regulators,” the bank said in a statement.
Coming after Deutsche Bank’s share price reached an all-time low this week, the newspaper report has helped fuel an extraordinary level of shareholder anger even by the standards of the perpetually troubled lender.
[...]
This week The New York Times reported that anti-money-laundering specialists at the bank recommended in 2016 and 2017 that multiple transactions involving legal entities controlled by Donald J. Trump and his son-in-law, Jared Kushner, be reported to a federal financial-crime watchdog.
But Deutsche Bank, which has lent billions of dollars to the entities controlled by Mr. Trump and Mr. Kushner, never filed such reports.
In November, prosecutors, federal agents, police officers and tax authorities searched Deutsche Bank headquarters in Frankfurt as part of an investigation into whether bank employees had helped customers use offshore tax havens to transfer money obtained illegally.
NYT
The only bank that will do business with Donald Trump.
...but hey, do what you want...you will anyway.
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