Germany's Federal Financial Supervisory Authority (BaFin) has imposed fines totaling 23 million euros on Deutsche Bank. The reason for this was violations found in the securities trading sector that contradicted the requirements of German law, The Paypers reports.
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Penalty structure: derivatives, call recordings and account switching
The total amount of the fine consists of three parts:
- €14.8 million: for irregularities related to the sale of currency derivatives in Spain. €4.6 million: due to failures in the telephone recording system. €3.65 million: for irregularities related to the account switching service.
BaFin claims: delays in investigation and elimination of violations
The regulator notes that companies are required to take all necessary measures to ensure proper provision of services and to minimize delays in identifying and eliminating problems that arise during operational activities. The fines imposed on Deutsche Bank are related to the fact that the bank did not promptly respond to violations in the field of currency derivatives sales in Spain, as well as delayed their investigation and elimination.
BaFin notes that Deutsche Bank took too long to investigate and remedy the identified deficiencies. The company did not take adequate organizational measures to speed up the investigation of violations and implement measures aimed at correcting the situation.
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