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FRANKFURT (Reuters) - Deutsche Bank on Monday denied a magazine report that said that the bank had reported to German banking supervisors suspicious funds associated with Jared Kushner, U.S. President Donald Trump’s son-in-law and advisor.

German monthly Manager Magazin reported last week that Deutsche Bank has indications that Kushner, or people or companies close to him, have identified suspicious flows of funds through the bank. The report also said that Deutsche Bank reported its suspicions to German financial watchdog BaFin.

“It is wrong to assert that Deutsche Bank supplied the German financial supervisory authority BaFin with a report stating that the real estate investor Jared Kushner or companies or persons associated with him may have channeled suspect funds via Deutsche Bank when executing their transactions,” Deutsche Bank said.

“We are taking legal action regarding this reporting,” the bank said.