SEC Charges Deutsche Bank $4M Over Subsidiary's Reporting Practices

Dow Jones12-20 23:28

By Denny Jacob

The Securities and Exchange Commission said Deutsche Bank agreed to pay a $4 million penalty to settle charges made against its subsidiary regarding certain reports that weren't filed in a timely manner.

The regulator said broker-dealer Deutsche Bank Securities failed to file certain suspicious activity reports in a timely manner as required by the Bank Secrecy Act and Treasury Department regulations. The reports pertain to funds that are suspected to have derived from illegal activity, lack a business or apparent lawful purpose, or are intended to facilitate criminal activity.

"We take our legal and regulatory obligations seriously. As noted in the settlement, we have cooperated with the SEC in the investigation and have undertaken remedial actions prior to today's settlement," said a Deutsche Bank spokesman.

The SEC said its order found that in certain instances from April 2019 to March 2024, Deutsche Bank Securities failed to conduct or complete the investigations within a reasonable period of time, including at least two instances where the broker-dealer took more than two years to file the reports.

Deutsche Bank's subsidiary agreed to a censure, a cease-and-desist order and the civil penalty without admitting or denying the SEC's findings.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

December 20, 2024 10:28 ET (15:28 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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