Business World

Friday 21 July 2017

Deutsche faces fines over currency trades

A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt. Photo: Reuters
A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt. Photo: Reuters

Greg Farrell

Deutsche Bank AG is expected to be fined by the Federal Reserve and New York's Department of Financial Services for its conduct in the foreign exchange market.

The German lender said Monday that the US Justice Department had closed a criminal inquiry into its currency-trading activities without action.

But regulators are in the final stages of their own reviews of that conduct to determine what fines, if any, the bank should pay, said a source. The Federal Reserve has finished its investigation, the person said, and the New York bank regulator is close to wrapping up its own probe.

Deutsche Bank has moved beyond most of its legal challenges in the US. In the past two years, it has struck settlements with the Justice Department over allegations of interest-rate manipulation and its sale of toxic mortgage securities. Separately, it reached settlements over sanctions violations and "mirror trading" that moved billions of dollars out of Russia. (Bloomberg)

Irish Independent

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