US congressional probe finds possible failures in Deutsche Bank controls with Russian oligarchs: report

US congressional probe finds possible failures in Deutsche Bank controls with Russian oligarchs: report
© Getty

Investigators with the House Financial Services Committee have reportedly found possible failures by Deutsche Bank in its money laundering controls concerning the bank's dealings with Russian oligarchs.

Reuters reported Friday that a source familiar with the committee's investigation into the bank used by President TrumpDonald John TrumpDem senator says Zelensky was 'feeling the pressure' to probe Bidens 2020 Dems slam Trump decision on West Bank settlements Trump calls latest impeachment hearings 'a great day for Republicans' MORE in the past say the committee found that the bank may have been involved in transfers of illegal cash to the U.S., where the bank processes transactions for other companies.

ADVERTISEMENT

Two other sources reportedly told the news service that the committee has found instances where concerns about transactions involving the bank's Russian clients as well as the registration of new Russian clients were ignored by the bank's managers after being raised by employees.

A spokesman for the bank declined to comment on the investigation to Reuters, while maintaining that the bank was happy to comply with the House probe.

“We have worked to address them, taken disciplinary measures with regards to certain individuals and reviewed our client onboarding and monitoring processes," the spokesman said, referring to past issues with the bank's monetary controls.

Lawmakers with the House committee subpoenaed the bank earlier this year for any documents detailing “any financial relationship, transactions, or ties” between the president, his family, and his business entities and “any foreign individual, entity, or government."

The bank revealed earlier this week that it has some tax returns related to the president's business dealings, a revelation that Democrats hope could lead to obtaining the president's tax returns in part for public release.