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US FinCEN to probe Deutsche Bank over suspicious activity reporting policy

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US FinCEN to probe Deutsche Bank over suspicious activity reporting policy

U.S. Treasury Secretary Steven Mnuchin said he will direct the Financial Crimes Enforcement Network to investigate whether German lender Deutsche Bank AG is following the rules for reporting suspicious financial activities, Bloomberg News reported.

Mnuchin's comments, made during a hearing at the U.S. House Committee on Financial Services, came after The New York Times reported that Deutsche Bank's executives allegedly failed to act on information flagged by compliance staff in 2016 and 2017 regarding multiple transactions linked to Donald Trump.

Mnuchin noted that he was aware of the report and will have FinCEN follow up and ensure the German bank is abiding by policies to file potentially illicit activities, also known as SARS. He added he will report back to the U.S. Congress with the Treasury's compliance review with Deutsche Bank, according to the newswire.

The embattled German lender's shares hit a low point May 20 following the Times report. Earlier in the week, some of Deutsche Bank's major shareholders were reported to be asking for Chairman Paul Achleitner to step down early, following the collapse of its merger talks with Commerzbank AG.