Multiple transactions involving legal entities controlled by President Donald Trump and his son-in-law Jared Kushner aroused the suspicion of anti-money laundering specialists at Deutsche Bank AG in 2016 and 2017, according to the New York Times.

The specialists recommended the matter be referred to a unit of the Treasury Department that polices financial crimes, but executives at Deutsche Bank -- which has lent billions of dollars to the Trump and Kushner companies -- rejected their advice, the newspaper reported on Sunday.

Trump May 20 defended his banking practices on Twitter, disputing the Times’ reporting that no other mainstream banks wanted...