Deutsche Bank (DB) was fined 23.05 million euros ($24.3 million) over breaches of the German Securities Trading Act, the German Act on Breaches of Administrative Regulations, and the German Payment Accounts Act, Germany's financial regulator BaFin said Tuesday.
BaFin said Deutsche Bank failed to take appropriate steps to "ensure continuity and regularity in the performance of investment and ancillary investment services."
Additionally, Deutsche Bank subsidiary Postbank failed to properly record telephone conversations to preserve evidence related to client order processing and failed to meet its obligation to provide switching services in 53 cases.
The administrative fine order is final and binding, BaFin said.
Deutsche Bank did not immediately respond to requests for comment from MT Newswires.
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