The seven Democrats sought details on the Fed's response to allegations the bank suppressed suspicious activity reports on businesses tied to President Trump and Jared Kushner.
Its CEO says organic growth is preferable, but after spending five years tackling a series of enforcement actions tied to BSA compliance, the Pennsylvania bank has options.
As Democrats keep the heat on the German bank over allegations that it suppressed reporting tied to Trump businesses, the Treasury secretary said he will direct the Financial Crimes Enforcement Network to look into the matter.
Trump may nominate Judy Shelton, who prefers “market-determined rates”; a software glitch may have prevented flagging of suspicious transactions for a decade.
Sens. Sherrod Brown, D-Ohio, and Chris Van Hollen, D-Md., called on the bank to explain a report that the private wealth management division quashed anti-money-laundering reports prepared by compliance staff.
Banks would be better able to comply with anti-money-laundering laws if all 50 states collected information on the owners of new corporations and published it in a national database, Comptroller Joseph Otting said Monday.
