Aussie regulator fines Deutsche Bank $2 million for trade reporting failures
What's happening
Deutsche Bank Aktiengesellschaft has paid a $2 million penalty after ASIC found the bank misreported more than 260,000 over-the-counter (OTC) derivative transactions, undermining the accuracy of data used to monitor Australia's financial markets. ASIC issued an infringement notice for breaches of the ASIC Derivative Transaction Rules, and this is the bank's second fine this year. Deutsche Bank did not admit guilt or liability in relation to the penalty.
Why it's trending
Because regulators are tightening enforcement on trade-reporting accuracy and large data-quality failures are being uncovered and fined now.
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If a global bank can misreport 260,000 OTC trades and pay just $2 million, maybe penalties aren't deterring sloppy data work, they're a cost of doing business.
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Original sources6
- Deutsche Bank fined $2M by Australian regulator
It’s the second fine this year for the German bank, though it did not admit guilt or liability.
Banking DiveJul 13 - ASIC fines Deutsche Bank $2m for systemic data breaches
Deutsche Bank Aktiengesellschaft has handed over a $2m penalty after misreporting in excess of 260,000 over-the-counter (OTC) derivative trades, a failure that compromised the quality of data relied upon to supervise Australia’s financial markets. The Australian Securities and Investments Commission (ASIC) served the lender with an infringement notice after uncovering breaches of the ASIC De
FinTech Global RegTechJul 13 - Aussie regulator fines Deutsche Bank $2 million for trade reporting failures
Multinational investment bank Deutsche Bank Aktiengesellschaft (Deutsche Bank) has paid a penalty of $2 million for misreporting more than 260,000 over-the-counter (OTC) derivative transactions, undermining the accuracy of data used to monitor Australia’s financial markets.
FinextraJul 13
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