The Federal Financial Supervisory Authority (BaFin) has imposed a substantial fine of 23.05 million euros on Deutsche Bank due to various regulatory violations. This penalty marks one of the largest ever imposed on a German bank, highlighting significant compliance issues within the institution.

Announced on February 4, the fine includes:

• 14.8 million euros related to misconduct in the sale of currency derivatives in Spain, where the bank failed to timely address its organizational obligations under the Securities Trading Act.
• Issues identified with Postbank, a subsidiary of Deutsche Bank, which did not record investment advice after the expiration of Covid-related exemptions.
• Criticism for inadequately processing applications for account switching assistance, violating the Payment Accounts Act.
• 4.6 million euros for failures in telephone recording.
• 3.65 million euros for account switching issues.

These violations underscore the need for improved compliance measures within Deutsche Bank to prevent future regulatory breaches.

📎 Related coverage from: finews.ch