Deutsche Bank AG has asked for more time to reply to a request for information about U.S. President Donald Trump's possible ties to Russia, made by Democrats on a U.S. House of Representatives panel, Reuters reported June 5, citing "a person familiar with the matter."
The bank's external counsel sent a letter to the Democrats, dated June 2, requesting additional time, the source said, declining to reveal the exact amount of time requested by the counsel.
Several Democrats on the U.S. House Financial Services Committee wrote to Deutsche Bank CEO John Cryan in May asking for records that might show if loans Trump took out for real estate business were backed by the Russian government.
Democrats had given Deutsche Bank a June 2 deadline for its response. "Congress remains in the dark on whether loans Deutsche Bank made to President Trump were guaranteed by the Russian government, or were in any way connected to Russia," they reportedly wrote in the letter to the bank.
While Democrats cannot force the bank to give up the documents, they can, through the House committee, subpoena the documents, but only with cooperation from Republicans on the committee, the newswire reported. However, the request has not been signed by a Republican member of the committee.
The inquiry committee also seeks information on failings in money laundering controls that purportedly allowed certain customers to launder roughly $10 billion from Russia. Deutsche Bank AG is nearing a settlement with the U.S. Federal Reserve to resolve an investigation into its alleged failings in money laundering controls that purportedly allowed billions of dollars to be moved out of Russia. The bank has already paid $630 million in fines to authorities in the U.K. and in New York state over lax anti-money-laundering practices.