- POSTED: 28 Aug 2014 20:02
German lender Deutsche Bank has been fined more than £4.7 million (S$9.7 million, US$7.8 million) for incorrectly reporting some financial transactions, regulators said on Thursday (Aug 28).
LONDON: German lender Deutsche Bank has been fined more than £4.7 million ($7.8 million, 5.9 million euros) for incorrectly reporting some financial transactions, regulators said on Thursday (Aug 28). The Financial Conduct Authority (FCA) said in a statement that it had fined the bank's London branch £4,718,800 for failing to properly report more than 29.4 million equity swap contracts-for-difference (CFD) transactions between November 2007 and April 2013.
"There is simply no excuse for Deutsche's failure to get this right," said Tracey McDermott, Director of Enforcement and Financial Crime at the FCA. "Other firms should be in no doubt about our continued focus on this issue."
Deutsche Bank is the eleventh group to be fined by the FCA for transaction reporting breaches. In response to the fine, Deutsche said in a brief statement that it has reviewed its systems to rectify the matter.
"In March 2013, a software coding issue in our reporting system for certain CFD and swap transactions was identified," the bank said. "We immediately undertook a complete review of our transaction reporting systems to rectify the problem and strengthen our control framework."