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German financial regulator fines Deutsche Bank 50,000 euros

Reuters
·1-min read
A Deutsche Bank logo adorns a wall at the company's headquarters in Frankfurt

FRANKFURT (Reuters) - Germany's federal financial supervisory authority BaFin said on Monday it had imposed a fine of 50,000 euros ($54,340) on Deutsche Bank.

The fine relates to false information regarding a serious customer-related IT security incident in its payment services in 2023. Deutsche Bank was also "significantly late" in informing BaFin, the regulator said.

"Deutsche Bank has accepted a fine from BaFin relating to the improper reporting of an IT incident in June 2023, which was resolved within a very short time," a spokesperson for Deutsche Bank said.

"The bank immediately adapted its processes to prevent such an IT incident from happening again," the spokesperson added.

($1 = 0.9201 euros)

(Reporting by Emma-Victoria Farr; Editing by Mark Potter)