Deutsche Bank says it did not report suspicious transactions from a bank account tied to President Trump Donald John TrumpUS reimposes UN sanctions on Iran amid increasing tensions Jeff Flake: Republicans 'should hold the same position' on SCOTUS vacancy as 2016 Trump supporters chant 'Fill that seat' at North Carolina rally MORE's son-in-law and aide Jared Kushner Jared Corey KushnerAbraham Accords: New hope for peace in Middle East Tenants in Kushner building file lawsuit alleging dangerous living conditions Trump hosts Israel, UAE, Bahrain for historic signing MORE and promising legal action against the German magazine that initially reported the news.

“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 in a statement.

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

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Separately, a spokeswoman for Kushner Companies also pushed back at the report, saying it was baseless.

“Kushner Companies has done nothing wrong with its relationship with Deutsche Bank," Kushner Companies spokesperson Chris Taylor said. "The Office of Special Counsel has not contacted us. There is no money laundering. There is no Russian connection. There are no improper loans. There are no misrepresentations. Everything has been handled in a normal, professional and commercial manner.

"Our transactions with Deutsche Bank were bid out on a competitive market rate basis. Any story claiming that we have done anything wrong in our dealings with Deutsche Bank is made-up and completely baseless. Importantly, not one news agency even called us before running these crazy allegations.”

The report of suspicious transactions was initially made in the German magazine Manager Magazin, and then repeated by a number of other outlets.

This story was updated on Jan. 22 at 6:05 p.m.