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Deutsche Bank Fined by Fed Over Lack of Controls
The Federal Reserve has announced two enforcement actions against Deutsche Bank that requires the bank to pay a combined $156.6 million in civil money penalties. The bank will pay a $136.9 million fine for “unsafe and unsound practices” in the FX markets, as well as a $19.7 million fine for failure to maintain an adequate Volcker rule compliance programme. The Fed says it found deficiencies in the Deutsche’s oversight of, and internal controls over, FX traders and that the firm failed to detect and address that its traders used electronic chat rooms to communicate with competitors about their trading positions.

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