Fed Fines Deutsche Bank $157 Million Over FX, Volcker Compliance
(Bloomberg) -- Federal Reserve levies fines against Deutsche Bank AG for failures in Volcker Rule compliance and unsafe practices in foreign exchange market, agency says in statement Thursday.
- Fed fines company $136.9 million in FX action, $19.7 million in separate Volcker sanction
- Fed finds “gaps” in bank’s Volcker compliance; says it failed to do required analysis of market-making activities
- In FX trades, “The firm failed to detect and address that its traders used electronic chatrooms to communicate with competitors about their trading positions,” Fed says
- Fed requires lender to cooperate in investigation of individuals involved in conduct related to FX enforcement action
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HALISTERSource: BFW (Bloomberg First Word)
Tickers DBK GR (Deutsche Bank AG)
Topics First Word DC - Foreign Policy
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