Deutsche Bank Fined $157 Million Over Alleged Violations
April 20 2017 - 5:13PM
Dow Jones News
By Rachel Witkowski
WASHINGTON -- Deutsche Bank AG has agreed to pay $157 million in
penalties to the Federal Reserve over alleged violations of rules
on foreign-exchange trading and proprietary trading.
The Fed on Thursday said Deutsche Bank failed to detect that its
foreign-exchange traders were using electronic chatrooms to talk
about trading positions with competitors. The bank, according to
the Fed, also didn't have in place an adequate compliance program
with the Volcker rule, which prohibits banks from proprietary
trading.
Deutsche Bank has been ordered to pay $156.6 million in fines,
address the violations and cooperate with any investigations of
individuals involved in the foreign-exchange trades.
The settlement is related to a broader investigation of several
global banks that were accused of colluding to move
foreign-currency rates for their own benefit.
--Aruna Viswanatha contributed to this article.
Write to Rachel Witkowski at rachel.witkowski@wsj.com
(END) Dow Jones Newswires
April 20, 2017 16:58 ET (20:58 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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