British regulators fine Deutsche Bank £4.7m

GMT 15:51 2014 Thursday ,28 August

Arab Today, arab today British regulators fine Deutsche Bank £4.7m

Deutsche Bank
London - KUNA

The London branch of Germany's Deutsche Bank has been fined 4.7 million pounds by UK regulators for inaccurate reporting, it was reported here Thursday.
The Financial Conduct Authority (FCA) said the bank mis-reported 29 million transactions between November 2007 and April 2013.
"There is simply no excuse for Deutsche's failure to get this right," said the FCA in a statement.
"We have repeatedly highlighted the importance of accurate transaction reporting and taken enforcement action against a number of firms," said Tracey McDermott, the FCA's director of enforcement and financial crime.
Deutsche Bank's fine was reduced by 30 percent because it agreed to settle at an early stage, although the FCA said the size of the fine reflected the number of mis-reported transactions.
"In March 2013 a software coding issue in our reporting system for certain CFD and swap transactions was identified," Deutsche Bank said.
"We immediately undertook a complete review of our transaction reporting systems to rectify the problem and strengthen our control framework."

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