Aug
08
Deutsche Bank Fined $12.5 Million for ‘Squawk Box’ Failures
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Bank fined for not policing internal dissemination of research
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Lender ignored red flags despite warnings from compliance unit
Deutsche Bank AG was fined $12.5 million by an industry-backed U.S. regulator for failing to prevent the dissemination of non-public information over an internal speaker system.
Deutsche Bank Securities Inc. broadcasted confidential information through an internal speaker system known as “squawk boxes” without supervising certain employees’ access, according to a statement Monday from the Financial Industry Regulatory Authority. The Frankfurt-based bank repeatedly ignored red flags for years that its monitoring system was inadequate, Finra said…
Deutsche Bank Fined $12.5 Million for ‘Squawk Box’ Failures
