Senators have called for a probe into the German bank, which faces a number of investigations about its anti-money laundering controls.

US lawmakers are sharpening their focus on Deutsche Bank as the German lender faces investigations over whether its anti-money laundering controls are strong enough, according to the Wall Street Journal.

Two Democratic senators have asked Republican colleagues who control the Senate Banking Committee to launch a “thorough, detailed bipartisan committee investigation” into the bank. The calls came from Elizabeth Warren (D, Mass) and Chris Van Hollen (D, Md). They cite probes into the German lender’s activities in Russia and its role in recently surfaced money-laundering investigations tied to a Denmark banking scandal and offshore tax havens.

In Europe, a mass of dirty money stories and allegations have prompted European Union lawmakers to call for tougher controls on money laundering. But as the latest case shows, the issue is global. In Asia, for example, banks have been kicked out and fined by jurisdictions such as Singapore for AML system failures.

However, as the WSJ report noted, Deutsche Bank has not been accused of wrongdoing following the new probes and said it is cooperating with the authorities.

Family Wealth Report contacted the bank, and a spokesperson said: “Deutsche Bank takes its legal obligations seriously and remains committed to cooperating with authorized investigations."

At the end of November German authorities raided Deutsche Bank offices in Frankfurt as part of an offshore tax-evasion and money-laundering case. The matter was reported by FWR’s sister publication here.

“The compliance history of this institution raises serious questions about the national security and criminal risks posed by its US operations,” the Democratic Senators reportedly said in a letter to Senator Mike Crapo (R, Idaho), chairman of the Senate Committee on Banking, Housing and Urban Affairs.

Deutsche Bank has faced a number of problems in recent years, even leading to a flurry of speculation about its future. Shares in the firm have been under pressure in recent weeks. 

Source: Deutsche Bank