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Deutsche Bank fined over 'improper' forex conduct
By Kadhim Shubber, Martin Arnold, and Olaf Storbeck
Financial Times, London
Wednesday, June 20, 2018
Deutsche Bank will pay $205 million for violations of New York banking law stemming from its foreign exchange trading business, in the latest rap on the knuckles from U.S. authorities for Germany's biggest bank.
The fine from the New York Department of Financial Services comes after the regulator found "improper, unsafe, and unsound conduct" in the German bank's foreign exchange business between 2007 and 2013, when it was the world's largest forex dealer.
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"Due to Deutsche Bank's lax oversight in its foreign exchange business, including in some instances supervisors engaging in improper activity, certain traders and salespeople repeatedly abused the trust of their customers and violated New York State law over the course of many years," said Maria Vullo, financial services superintendent, in a statement today. ...
... For the remainder of the report:
https://www.ft.com/content/0a27973c-749c-11e8-b6ad-3823e4384287
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