Trump investigation: Nine banks subpoenaed in Democrat probe into president's alleged money laundering ties to Russia

Top Democrats say they are looking 'into allegations of potential foreign influence on the US political process'

Two Democratic-led Congressional committees have issued subpoenas to nine major banks as part of their investigations into Donald Trump’s finances, according to the latest reports.

Those banks include Deutsche Bank, which was previously reported to have received subpoenas from lawmakers surrounding the president’s financial records, and at least eight others, the Wall Street Journal reported Wednesday.

The banks include the following: Citigroup Inc, Morgan Stanley, JPMorgan Chase & Co, Wells Fargo & Co, Bank of America, Capital One Financial Corporation, Royal Bank of Canada and Toronto-Dominion Bank.

In a statement released earlier this week, House Intelligence Committee Chairman Adam Schiff described the subpoenas as part of an investigation "into allegations of potential foreign influence on the US political process." He did not name the other financial institutions or describe the subpoenas at the time.

In a separate statement, House Financial Services Committee Chairwoman Maxine Waters said "the potential use of the US financial system for illicit purposes is a very serious concern."

She also said her committee is looking into those matters, including whether they pertain to Mr Trump.

The investigations are among several House Democrats are conducting into aspects of the president's personal and political life, and Mr Schiff has said he is investigating whether foreign actors, including Russia, have sought to hold leverage over Mr Trump or his family and associates.

Eric Trump, the president's son and executive vice president of The Trump Organisation, said in a statement released Monday that the subpoenas were "an unprecedented abuse of power and simply the latest attempt by House Democrats to attack the President and our family for political gain."

As part of his investigation, Mr Schiff has said he wants to know whether Russians used laundered money for transactions with the Trump Organisation. The president’s businesses have reportedly benefited from Russian investment over the years.

Deutsche Bank is a German asset management firm that has lent Mr Trump's real estate organisation millions of dollars over time. The two committees have been working with the bank for several weeks, and both Ms Waters and Mr Schiff have said officials have been cooperative.

Mr Schiff said in his statement that the subpoena to Deutsche Bank is a "friendly" subpoena, meaning he expects them to continue working with the committees.

The request comes as a third committee, the House Ways and Means Committee, is sparring with the White House over Mr Trump's tax returns.

The Associated Press contributed to this report