By Adria Calatayud
Germany's financial watchdog fined Deutsche Bank 23.05 million euros ($24.5 million) over what the regulator called breaches of regulatory requirements in three separate cases.
BaFin, as the regulator is known, said late Tuesday that the biggest fine related to the lender's response to allegations on the sale of currency derivatives in Spain, while the other two were linked to regulatory lapses at its Postbank arm.
Deutsche Bank said it accepted the fines and that the payment was covered by existing provisions, which should result in no impact on this year's results.
The regulator said Deutsche Bank took too long to investigate allegations relating to derivative sales in Spain, which led local authorities to start proceedings against the bank, and remedy the shortcomings. This led to a 14.8 million-euro fine, Bafin said.
Moreover, BaFin said Postbank didn't comply with a regulatory requirement to record phone conversations in connection with investment advice, and that applications for switching payment accounts were delayed or not processed. The regulator said it fined Deutsche Bank 4.6 million euros for the phone-recording case and 3.65 million euros for the account switches.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
March 05, 2025 02:23 ET (07:23 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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