
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."
GMT 22:53 2018 Thursday ,13 December
Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar PropertiesGMT 13:41 2018 Thursday ,06 December
Tyre maker Continental opens lab to extract rubber from dandelionsGMT 15:23 2018 Friday ,30 November
Paper industry around famous Chinese lake to be shut down by 2019GMT 11:13 2018 Sunday ,18 November
Electricx 2018 kicks off with participation of over 20 countriesGMT 16:34 2018 Tuesday ,13 November
Amazon announces new headquarters in New York and WashingtonGMT 16:51 2018 Monday ,12 November
Egypt's exports to Nile basin countries reached EGP 19.9 bln in 2017: CAPMASGMT 08:11 2018 Friday ,09 November
Kaspersky Lab CEO suggests replacing cybersecurity with 'cyber-immunity'GMT 14:00 2018 Thursday ,08 November
Namibian enterprise endeavours to seize opportunities at China import expoMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor