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DWS Investment S.A.: investment adviser

DWS Investment S.A. is an investment adviser registered with the SEC (file 802-115197, CRD 300838). What it reports on Form ADV: assets and clients, fees, owners, disciplinary history and its client brochure. From the SEC's Investment Adviser Public Disclosure site; read Oct 21, 2026.

Assets managed: –
Discretionary: –
Accounts: –
Employees: –
In advisory roles: –
Disclosures: 86

Company page · SEC adviser record · Full Form ADV (PDF)

The firm reports no custody of client cash or securities.

Form ADV Part 1A, Item 5, as filed on the SEC Investment Adviser Public Disclosure site; read Oct 21, 2026.

Who owns it

Schedule A lists direct owners of 5% or more (and officers who own a stake); Schedule B lists the owners of those owners.

Direct owners (Schedule A)

Owner	Type	Role	Stake	Since	Control	Public company
DWS Group GMBH & Co. Kgaa	Company (outside the U.S.)	Shareholder	E 75% or more	Mar 2018	Yes

Indirect owners (Schedule B)

Owner	Owns a stake in	Type	Stake	Control	Public company
DB Beteiligungs-Holding GMBH	DWS Group GMBH & Co. Kgaa	Company (outside the U.S.)	E 75% or more	Yes
Deutsche Bank AG	DB Beteiligungs- Holding GMBH	Company (outside the U.S.)	E 75% or more	Yes	Yes

Form ADV reports ownership in bands, not exact stakes: A means 5% to 10%, B 10% to 25%, C 25% to 50%, D 50% to 75%, E 75% or more. F marks a general partner, trustee or managing member, a role that controls the firm without a percentage. Owners of less than 5% are not listed.

Form ADV Schedules A and B, via the SEC Investment Adviser Public Disclosure site.

Disciplinary history

What the firm disclosed under Item 11 of Form ADV. A disclosure is the firm's own report: pending matters are allegations, not findings, and many settlements are made without admitting or denying them. Text is quoted from the filing, set in sentence case.

Item 11 questions answered Yes

These questions cover the firm and its advisory affiliates.

In the past ten years, have you or any advisory affiliate: been charged with any felony?
Has the SEC or the Commodity Futures Trading Commission (CFTC) ever: found you or any advisory affiliate to have made a false statement or omission?
Has the SEC or the Commodity Futures Trading Commission (CFTC) ever: found you or any advisory affiliate to have been involved in a violation of SEC or CFTC regulations or statutes?
Has the SEC or the Commodity Futures Trading Commission (CFTC) ever: entered an order against you or any advisory affiliate in connection with investment-related activity?
Has the SEC or the Commodity Futures Trading Commission (CFTC) ever: imposed a civil money penalty on you or any advisory affiliate, or ordered you or any advisory affiliate to cease and desist from any activity?
Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority: ever found you or any advisory affiliate to have made a false statement or omission, or been dishonest, unfair, or unethical?
Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority: ever found you or any advisory affiliate to have been involved in a violation of investment-related regulations or statutes?
Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority: in the past ten years, entered an order against you or any advisory affiliate in connection with an investment-related activity?
Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority: ever denied, suspended, or revoked your or any advisory affiliate's registration or license, or otherwise prevented you or any advisory affiliate, by order, from associating with an investment-related business or restricted your or any advisory affiliate's activity?
Has any self-regulatory organization or commodities exchange ever: found you or any advisory affiliate to have been involved in a violation of its rules (other than a violation designated as a "minor rule violation" under a plan approved by the SEC)?
G. Are you or any advisory affiliate now the subject of any regulatory proceeding that could result in a "yes" answer to any part of Item 11.C.,
(1) Has any domestic or foreign court: in the past ten years, enjoined you or any advisory affiliate in connection with any investment-related activity?
(1) Has any domestic or foreign court: ever found that you or any advisory affiliate were involved in a violation of investment-related statutes or regulations?
(1) Has any domestic or foreign court: ever dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or any advisory affiliate by a state or foreign financial regulatory authority?
(1) Has any domestic or foreign court: Are you or any advisory affiliate now the subject of any civil proceeding that could result in a "yes" answer to any part of Item 11.H.(1)?

Actions about affiliates (82)

Sep 14, 2026
Regulatory Action: Saudi Central Bank ("Sama") FinalAbout an affiliate: Deutsche Bank AG, RiyadhSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $5,600 · Begun Sep 14, 2026 · Resolved Sep 14, 2026 · Order · Docket B/26155
On September 14, 2026, the Saudi Central Bank ("Sama") found that Deutsche Bank AG, Riyadh branch ("DBAG") violated a corrective action plan regarding the employment of Saudi nationals, including violations of quarterly reporting requirements and failing to obtain approval for delays in addressing regulatory findings.
On September 14, 2026, sama found that dbag violated a corrective action plan regarding the employment of Saudi nationals, including violations of quarterly reporting requirements and failing to obtain approval for delays in addressing regulatory findings. Dbag was fined sar 21,100 (which is approximately $5,600 usd), which will be timely paid.
Aug 20, 2026
Regulatory Action: Bank Indonesia ("Bi") FinalAbout an affiliate: Deutsche Bank AG, JakartaSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $113,000 · Begun Jun 30, 2026 · Resolved Aug 20, 2026 · Order · Docket NO. 28/335/DSMM/SRT/RHS
On July 13, 2026, Bank Indonesia ("Bi"), pursuant to a thematic on-site visit/supervisory review,alleged that between April and May 2026, Deutsche Bank AG, Jakarta branch ("DBJK") facilitatedforeign exchange transfers either conducted by customers not licensed in indonesia toengage in such transactions or otherwise falling outside the scope of permitted underlyingeconomic activities under BI's FX market transaction regulation specifically relating to thirdparty FX transactions as per BI regulation no. 11 of 2024, article 17, and deemed violation oflaw no. 3 of 2011, article 69(1). In addition, BI has alleged that certain reported transactionpurposes were not fully aligned with the corresponding underlying documentation, inviolation of BI regulation no. 21/23/padg/2019.
Apr 30, 2026
Regulatory Action: Office of Financial Sanctions Implementation ("Ofsi") FinalAbout an affiliate: Deutsche Bank AG, LondonSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $223,801 · Begun Apr 30, 2026 · Resolved Apr 30, 2026 · Settled · Docket BR/2022/2180952
On April 30, 2026, Deutsche Bank AG, London branch ("DBAG") entered into a settlement with the united kingdom's Office of Financial Sanctions Implementation ("Ofsi") in which OFSI found that DBAG violated regulation 12 of the russia (SANCTIONS) (EU exit) regulations 2019 for processing two payment transactions to a company wholly owned by a designated person in June 2022 and July 2022.
Mar 12, 2026
Regulatory Action: Saudi Central Bank ("Sama") FinalAbout an affiliate: Deutsche Bank AG, RiyadhSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $1,331 · Begun Mar 12, 2026 · Resolved Mar 12, 2026 · Order · Docket B/26045
On March 12, 2026, the Saudi Central Bank ("Sama") found that Deutsche Bank AG, Riyadh branch ("DBAG") violated article 17 of the Saudi banking control law for deposit reporting discrepancies in DBAG's September 2025 and October 2025 reports to SAMA.
On March 12, 2026, sama found that dbag violated article 17 of the Saudi banking control law for deposit reporting discrepancies in dbag's September 2025 and October 2025 reports to sama. Dbag was fined sar 5,000 (which is approximately $1,331 usd), which will be timely paid.
Dec 16, 2025
Regulatory Action: Bloomberg SEF LLC FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $135,000 · Begun Apr 11, 2025 · Resolved Dec 16, 2025 · Settled · Docket CASE NO. 2025-2
Bloomberg SEF LLC ("BSEF") found that Deutsche Bank AG ("Dbag") failed to report error tradesin a timely manner in accordance with BSEF rules, and that DBAG failed to administersupervisory procedures to ensure that error trades were properly reported and correctedon BSEF.
On December 16, 2025, dbag, without admitting or denying the findings contained therein,entered into a settlement with BSEF in which BSEF found that dbag failed to report errortrades in a timely manner in accordance with BSEF rules, and that dbag failed to administersupervisory procedures to ensure that error trades were properly reported and correctedon BSEF. Dbag agreed to a fine of usd $135,000, which will be timely paid.
Aug 25, 2025
Regulatory Action: Hong Kong Securities and Futures Commission ("SFC") FinalAbout an affiliate: Deutsche Bank AG, HongSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $3.0M · Begun Jun 9, 2025 · Resolved Aug 25, 2025 · Settled · Docket [CONFIDENTIAL]
The securities and futures commission of Hong Kong (the "SFC") commenced investigations into Deutsche Bank AG, Hong Kong branch ("DBHK") following self-reports made by DBHK regarding self-identified incidents, which the SFC found violated general principles 2 (DILIGENCE), 7 (compliance), and paragraphs 2.1 (accurate representations), 12.1 (compliance: general), and 16.5 (disclosure of relevant business relationships) of the code of conduct for persons licensed by or registered with the SFC. These incidents concerned incorrect assignment of product risk ratings to certain exchange-traded funds, incorrect valuation of certain floating rate debt instruments, private equity funds, and real estate funds resulting in DBHK overcharging some clients custodian and management fees, failure to apply discounted management fee rates agreed with clients to certain discretionary portfolio management accounts resulting in DBHK overcharging certain accounts management fees, and failure to disclose DBHK's investment banking relationships in certain single stock and industry research reports. DBHK conducted reviews to identify the root causes and extent of the breaches, remediated them (including fully refunding overcharged fees to the relevant client accounts), and strengthened its internal systems and controls upon identifying the breaches.
DBHK cooperated with the SFC in resolving the SFC's concerns and accepted the SFC's findings and disciplinary action. Following the resolution, on August 28, 2025, the SFC issued a public reprimand and fined DBHK HKD $23.8 million (approximately usd $3,050,000), which was timely paid by DBHK. The SFC's investigation is now concluded. DBHK conducted reviews to identify the root causes and extent of the breaches, remediated them (including fully refunding overcharged fees to the relevant client accounts), and strengthened its internal systems and controls upon identifying the breaches. The SFC also publicly acknowledged DBHK's cooperation with the SFC, and that DBHK's breaches were inadvertent and did not involve any deliberate or intentional misconduct.
Jun 2, 2025
Regulatory Action: ICE Clear Credit LLC FinalAbout an affiliate: Deutsche Bank AG ("DB AG")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $4,000 · Begun Jun 2, 2025 · Resolved Jun 2, 2025 · Order · Docket MATTER NO. 2025-404B-006
ICE Clear Credit LLC ("ICE Clear Credit") found that Deutsche bank AG ("DBAG") failed to comply with ICE Clear Credit rule 404(b) relating to the timely submission of two end-of-day prices.
On June 2, 2025, ICE Clear Credit issued a fine notice to dbag, finding that dbag failed to comply with ICE Clear Credit rule 404(b) relating to the timely submission of two end-of-day prices. ICE Clear Credit imposed a fine of usd $4,000, which was timely paid.
May 13, 2025
Regulatory Action: Reserve Bank of India FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $58,000 · Begun Mar 24, 2025 · Resolved May 13, 2025 · Order · Docket NO. CO. ENFD. DECB. NO.S81 6/02-03-018T2024-2025
On May 13, 2025, the Reserve Bank of India ("RBI") found that Deutsche Bank AG, india ("DBAG") violated an RBI directive by failing to register certain large accounts with the credit repository of information on large credit ("CRILC") platform.
On May 13, 2025, rbi found that dbag violated an rbi directive by failing to register certain large accounts with the crilc platform. Dbag was fined inr 5,000,000 (which is approximately $58,000 usd), which was timely paid.
Apr 1, 2025
Regulatory Action: Frankfurt Public Prosecutor FinalAbout an affiliate: DWS Investment GMBHSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $27.5M · Begun Mar 17, 2025 · Resolved Apr 1, 2025 · Order · Docket 7500 JS-OWI 207940/25
On April 1, 2025, DWS group GMBH & co. kgaa and DWS Investment GMBH (together, "DWS") received an administrative fine notice from the Frankfurt Public Prosecutor finding that DWS committed an administrative offense by negligently breaching a requirement regarding proper business operations in the german capital investment code ("KAGB") requiring capital management companies to have at their disposal the means and procedures necessary for the proper operation of business and to use them effectively (SEC. 26 para. 2 no. 4 KAGB) based on allegations that the actual state of implementation of environmental and social governance ("ESG")-related policies and procedures at DWS did not live up to DWS's external communication regarding ESG.
On April 1, 2025, DWS received an administrative fine notice from the Frankfurt Public Prosecutor finding that DWS committed an administrative offense by negligently breaching a requirement regarding proper business operations in the kagb requiring capital management companies to have at their disposal the means and procedures necessary for the proper operation of business and to use them effectively (SEC. 26 para. 2 no. 4 kagb) based on allegations that the actual state of implementation of ESG-related policies and procedures at DWS did not live up to DWS's external communication regarding ESG. The administrative fine notice imposed an aggregate fine of 25,000,000 euro on DWS group GMBH & co and DWS Investment GMBH, which was timely paid
Feb 17, 2025
Regulatory Action: Frankfurt Stock Exchange (Fse) FinalAbout an affiliate: Deutsche Bank AGSanctions: Reprimand · Begun Mar 18, 2024 · Resolved Feb 17, 2025 · Decision · Docket HM 12-2024
The Frankfurt stock exchange ("FSE") found that, in November 2024, Deutsche Bank AG, Frankfurt am main ("DB AG") failed to convert 31 short codes into long codes as required by section 114 of the FSE rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014.
On February 17, 2025, DB AG received a decision from fse issued on January 9, 2025 finding that, in November 2024, Deutsche Bank AG, Frankfurt am main ("DB AG") failed to convert 31 short codes into long codes as required by section 114 of the fse rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014. The fse closed the proceeding without any sanctions, but required DB AG to pay a fee for the proceeding of eur 1,000 (approximately usd 1,100), which will be timely paid.
Feb 5, 2025
Regulatory Action: German Federal Financial Supervisory Authority (BAFIN) FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $24.0M · Begun Mar 13, 2023 · Resolved Feb 5, 2025 · Order · Docket ZR 7-WP 3127/00013#00007
BAFIN found that Deutsche Bank AG ("DBAG") (a) failed to timely investigate and address breaches of law regarding transactions in FX derivatives, (b) in certain periods during the covid pandemic, failed to ensure that investment advice given by telephone was recorded, and (c) failed to timely provide the receiving payment service provider with the information required to switch accounts or committed failures in the process of transferring or closing certain client accounts.
Dec 20, 2024
Regulatory Action: SEC FinalAbout an affiliate: Deutsche Bank SecuritiesSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $4.0M · Begun Dec 20, 2024 · Resolved Dec 20, 2024 · Order · Docket FILE NO. 3-22375
The SEC found that Deutsche Bank Securities, inc. ("DBSI") failed to timely file certain suspicious activity reports, and, on certain occasions failed to promptly investigate or complete investigations of potentially suspicious activity within a reasonable period of time. The SEC found that from April 2019 through March 2024, DBSI received certain requests in connection with law enforcement or regulator investigations or litigation and failed to promptly conduct or complete related investigations of suspicious activity within a reasonable period of time.
On December 20, 2024, without admitting or denying the findings therein, dbsi entered into a settlement with the SEC finding that dbsi failed to timely file certain suspicious activity reports, and, on certain occasions failed to promptly investigate or complete investigations of potentially suspicious activity within a reasonable period of time. The SEC found that from April 2019 through March 2024, dbsi received certain requests in connection with law enforcement or regulator investigations or litigation and failed to promptly conduct or complete related investigations of suspicious activity within a reasonable period of time. Dbsi was (I) ordered to cease and desist from committing or causing any violations and any future violations of section 17(a) of the Exchange Act and rule 17A-8 promulgated thereunder and (II) ordered to pay a civil monetary penalty in the amount of $4,000,000, which will be timely paid.
Sep 2, 2024
Regulatory Action: Frankfurt Stock Exchange (Fse) FinalAbout an affiliate: Deutsche Bank AGSanctions: Reprimand · Begun Nov 22, 2023 · Resolved Sep 2, 2024 · Decision · Docket HM 48-2023
The Frankfurt stock exchange ("FSE") found that, from September 2023 through October 2023, Deutsche Bank AG, Frankfurt am main ("DB AG") failed to convert 149 short codes into long codes as required by section 114 of the FSE rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014.
On September 2, 2024, DB AG received a decision from fse issued on July 22, 2024 finding that, from September 2023 through October 2023, DB AG failed to convert 149 short codes into long codes as required by section 114 of the fse rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014. The fse closed the proceeding without any sanctions, but required DB AG to pay a fee for the proceeding of eur 1,000 (approximately usd 1,100), which will be timely paid.
Sep 2, 2024
Regulatory Action: Frankfurt Stock Exchange (Fse) FinalAbout an affiliate: Deutsche Bank AGSanctions: Reprimand · Begun Oct 4, 2023 · Resolved Sep 2, 2024 · Decision · Docket HM 36-2023
The Frankfurt stock exchange ("FSE") found that, from July 2023 through August 2023, Deutsche Bank AG, Frankfurt am main ("DB AG") failed to convert 175 short codes into long codes as required by section 114 of the FSE rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014.
On September 2, 2024, DB AG received a decision from fse issued on July 22, 2024 finding that, from July 2023 through August 2023, DB AG failed to convert 175 short codes into long codes as required by section 114 of the fse rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014. The fse closed the proceeding without any sanctions, but required DB AG to pay a fee for the proceeding of eur 1,000 (approximately usd 1,100), which will be timely paid.
Sep 2, 2024
Regulatory Action: Frankfurt Stock Exchange (Fse) FinalAbout an affiliate: Deutsche Bank AGSanctions: Reprimand · Begun Mar 22, 2023 · Resolved Sep 2, 2024 · Decision · Docket HM 12-2023
The Frankfurt stock exchange ("FSE") found that, from November 2022 through December 2022, Deutsche Bank AG, Frankfurt am main ("DB AG") failed to convert 339 short codes into long codes as required by section 114 of the FSE rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014.
On September 2, 2024, DB AG received a decision from fse issued on July 13, 2024 finding that, from November 2022 through December 2022, DB AG failed to convert 339 short codes into long codes as required by section 114 of the fse rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014. The fse closed the proceeding without any sanctions, but required DB AG to pay a fee for the proceeding of eur 1,000 (approximately usd 1,100), which will be timely paid.
Sep 2, 2024
Regulatory Action: Frankfurt Stock Exchange (Fse) FinalAbout an affiliate: Deutsche Bank AGSanctions: Reprimand · Begun Jun 14, 2023 · Resolved Sep 2, 2024 · Decision · Docket HM 23-2023
The Frankfurt stock exchange ("FSE") found that, from March 2023 through April 2023, Deutsche Bank AG, Frankfurt am main ("DB AG") failed to convert 353 short codes into long codes as required by section 114 of the FSE rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014.
On September 2, 2024, DB AG received a decision from fse issued on July 12, 2024 finding that, from March 2023 through April 2023, DB AG failed to convert 353 short codes into long codes as required by section 114 of the fse rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014. The fse closed the proceeding without any sanctions, but required DB AG to pay a fee for the proceeding of eur 1,000 (approximately usd 1,100), which will be timely paid.
Sep 2, 2024
Regulatory Action: Frankfurt Stock Exchange (Fse) FinalAbout an affiliate: Deutsche Bank AGSanctions: Reprimand · Begun May 24, 2023 · Resolved Sep 2, 2024 · Decision · Docket HM 19-2023
The Frankfurt stock exchange ("FSE") found that, from January 2023 through February 2023, Deutsche Bank AG, Frankfurt am main ("DB AG") failed to convert 389 short codes into long codes as required by section 114 of the FSE rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014.
On September 2, 2024, DB AG received a decision from fse issued on July 9, 2024 finding that, from January 2023 through February 2023, DB AG failed to convert 389 short codes into long codes as required by section 114 of the fse rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014. The fse closed the proceeding without any sanctions, but required DB AG to pay a fee for the proceeding of eur 1,000 (approximately usd 1,100), which will be timely paid.
Aug 1, 2024
Regulatory Action: Frankfurt Stock Exchange (Fse) FinalAbout an affiliate: Deutsche Bank AGSanctions: Reprimand · Begun Feb 24, 2023 · Resolved Aug 1, 2024 · Decision · Docket HM 6-2023
The Frankfurt stock exchange ("FSE") found that, from September 2022 through October 2022, Deutsche Bank AG, Frankfurt am main ("DB AG") failed to convert 238 short codes into long codes as required by section 114 of the FSE rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014.
On August 1, 2024, DB AG received a decision from fse issued on June 24, 2024 finding that, from September 2022 through October 2022, DB AG failed to convert 238 short codes into long codes as required by section 114 of the fse rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014. The fse closed the proceeding without any sanctions, but required DB AG to pay a fee for the proceeding of eur 1,000 (approximately usd 1,100), which will be timely paid.
Jul 9, 2024
Regulatory Action: Frankfurt Stock Exchange (Fse) FinalAbout an affiliate: Deutsche Bank AG (DB AG)Sanctions: Reprimand · Begun Aug 7, 2023 · Resolved Jul 9, 2024 · Decision · Docket HM 31-2023
The Frankfurt stock exchange ("FSE") found that, from May 2023 through June 2023, Deutsche bank AG, Frankfurt am main ("DB AG") failed to convert 169 short codes into long codes as required by section 114 para 3 of the FSE rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014.
On July 9, 2024, DB AG received a decision from fse finding that, from May 2023 through June 2023, DB AG failed to convert 169 short codes into long codes as required by section 114 para 3 of the fse rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014. The decision did not impose a fine or other monetary sanction.
Jul 4, 2024
Regulatory Action: German Federal Financial Supervisory Authority (BAFIN) FinalAbout an affiliate: Deutsche Bank AG (DB AG)Begun Jul 4, 2024 · Resolved Jul 4, 2024 · Order · Docket GZ: BIIKO 2-WP 5505/00017#00002
The German federal financial supervisory authority ("BAFIN") determined that the consolidated financial statements of Deutsche bank AG ("DBAG") for FY2019 misapplied the international financial reporting standards ("IFRS") - international accounting standards ("IAS") relating to specifics of the disclosure of deferred tax assets.
On July 4, 2024, dbag received a decision from BAFIN dated June 28, 2024, determining that the consolidated financial statements of dbag for FY2019 misapplied the ifrs - ias relating to specifics of the disclosure of deferred tax assets. The decision did not impose a fine or sanction against dbag.
Jun 25, 2024
Regulatory Action: Eurex Deutschland (Eurex) FinalAbout an affiliate: Deutsche Bank AGSanctions: Reprimand · Begun Apr 24, 2024 · Resolved Jun 25, 2024 · Decision · Docket M 2024/06
Eurex deutschland ("Eurex") found that, in November 2023, Deutsche Bank AG, frankfurt am main ("DB AG") failed to convert 16 short codes into long codes as required by section 72 of the Eurex exchange rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014.
On June 25, 2024, DB AG received a decision dated June 10, 2024 from Eurex finding that, in November 2023, DB AG failed to convert 16 short codes into long codes as required by section 72 of the Eurex exchange rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014, and issuing a reprimand to DB AG, but not imposing a fine or other monetary sanction.
Jun 20, 2024
Regulatory Action: Securities and Commodities Authority - Uae On appealAbout an affiliate: Deutsche Bank AG, DubaiSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $13,613 · Begun Jun 20, 2024 · Resolved Jun 20, 2024 · Order · Docket 2024/2449/KH/ET
The Securities and Commodities Authority - Uae ("SCA") found that Deutsche Bank AG, Dubai branch (Deutsche securities and services) ("DSS") failed to timely submit a required annual financial report for the period ending December 31, 2023.
On June 20, 2024, sca issued an enforcement notice to DSS dated June 10, 2024, finding that DSS failed to timely submit a required annual financial report for the period ending December 31, 2023. The penalty notice imposed a fine on DSS of aed 50,000, which is approximately usd $13,613, which will be timely paid. DSS filed an appeal with sca on June 27, 2024, which remains pending.
Apr 4, 2024
Regulatory Action: ICE Futures U.S., Inc. FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $10,000 · Begun Apr 4, 2024 · Resolved Apr 4, 2024 · Order · Docket CASE NO. 2023-018
ICE Futures U.S., Inc. ("IFUS") found that Deutsche bank ("DBAG") failed to comply with IFUS rule 4.19(c)(I) relating to audit trail requirements by not populating a "manual order" identifier on certain order messages between January and August 2023.
On April 4, 2024, ifus issued a summary fine notice to dbag, finding that dbag failed to comply with ifus rule 4.19(c)(I) relating to audit trail requirements by not populating a "manual order" identifier on certain order messages between January and August 2023. The summary fine notice imposed a fine of usd $10,000, which was timely paid on April 26, 2024.
Feb 29, 2024
Regulatory Action: Securities and Exchange Board of India ("Sebi") FinalAbout an affiliate: Deutsche Bank AG, MumbaiSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $13,060 · Begun Feb 2, 2024 · Resolved Feb 29, 2024 · Order · Docket SO/AN/RG/2023-24/7386
The securities and exchange board of india alleged Deutsche Bank AG, Mumbai branch ("DBAG") violated section 4(d) of the sebi (foreign portfolio investors) regulations, 2019, for granting registration or renewal to foreign portfolio investors that were not eligible for such status.
On a June 19, 2023 sebi issued a show cause notice (the "show cause notice") to dbag alleging dbag violated section 4(d) of the securities and exchange board of india (foreign portfolio investors) regulations, 2019, for granting registration or renewal to foreign portfolio investors that were not eligible for such status. On February 29, 2024, without admitting or denying the allegations, dbag agreed to a settlement amount of 1,105,000 inr which is approximately $13,060 usd, which was timely paid.
Feb 8, 2024
Regulatory Action: German Federal Financial Supervisory Authority (BAFIN) FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $54,081 · Resolved Feb 8, 2024 · Order · Docket ZR 6-FR 2840/00001#00005
The German federal financial supervisory authority ("BAFIN") found that Deutsche Bank AG ("Dbag") failed to inform BAFIN of an informaton technology security incident that occurred in June 2023 in a timely or proper manner.
On February 8, 2024, BAFIN issued a fine notice to dbag, finding that dbag failed to inform BAFIN of an informaton technology security incident that occurred in June 2023 in a timely or proper manner. The fine notice imposed a fine on dbag of eur 50,000, which is approximately usd $54,081, which will be timely paid.
Feb 2, 2024
Regulatory Action: Securities and Commodities Authority - Uae FinalAbout an affiliate: Deutsche Bank AG, DubaiSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $2,750 · Begun Feb 2, 2024 · Resolved Feb 2, 2024 · Order · Docket FS/ES/2272/2024
The Securities and Commodities Authority - Uae ("SCA") found that Deutsche Bank AG, Dubai branch (Deutsche securities and services) ("DSS") failed to submit required quarterly auditor-reviewed reports for the period ending September 30, 2023.
On February 2, 2024, sca issued an enforcement notice to DSS, finding that DSS failed to submit required quarterly auditor- reviewed reports for the period ending September 30, 2023. The enforcement notice imposed a fine on DSS of aed 10,000, which is approximately usd $2,750. DSS filed an appeal with sca on February 7, 2024, which was rejected on February 12, 2024.
Dec 11, 2023
Regulatory Action: CME Group FinalAbout an affiliate: Deutsche Bank AG LondonSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $70,000 · Begun Dec 7, 2023 · Resolved Dec 11, 2023 · Consent · Docket CME 22-1622-BC
CME Group ("CME") found that Deutsche Bank AG London branch ("dbag London"), in violation of CME rule 534, operated an automated trading system that entered multiple opposing buy and sell orders for the same account in June 2022 new zealand dollars futures noninverted CME FX link spreads, swiss franc futures inverted CME FX link spreads, and euro FX futures non- inverted CME FX link spreads. These orders then traded opposite each other in the same dbag London account causing self- matching to occur on more than an incidental basis. CME also found that dbag London reasonably should have known that entering orders in the manner it did would achieve a wash result.
On December 11, 2023, dbag London entered into a settlement with CME, in which CME found that DB AG London, in violation of CME rule 534, operated an automated trading system that entered multiple opposing buy and sell orders for the same account in June 2022 new zealand dollars futures noninverted CME FX link spreads, swiss franc futures inverted CME FX link spreads, and euro FX futures non-inverted CME FX link spreads. These orders then traded opposite each other in the same dbag London account causing self-matching to occur on more than an incidental basis. CME also found that dbag London reasonably should have known that entering orders in the manner it did would achieve a wash result. Dbag London did not admit or deny the rule violation or factual findings in the settlement, and agreed to a fine of $70,000, which will be timley paid.
Nov 22, 2023
Regulatory Action: European Commission FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Begun Nov 22, 2023 · Resolved Nov 22, 2023 · Decision · Docket AT.40512
The European Commission ("commission") found that DBAG ("DBAG") and another European bank took part in anticompetitive conduct relating to the secondary trading market within the European economic area of euro-denominated supra-sovereign, sovereign and agency ("SSA") and government guaranteed bonds. In particular, the commission found that from 2006 to 2016, certain DBAG traders participated in collusive conduct with traders at the other bank by coordinating on prices of the relevant bonds quoted to clients, in violation of European union rules prohibting anticompetitive business practives. As a result of its proactive cooperation with the commission and pursuant to the commission's 2006 leniency notice, DBAG was granted full immunity relating to the infringements described in the decision.
On November 22, 2023, the commission issued a decision finding that dbag and another European bank took part in anticompetitive conduct relating to the secondary trading market within the European economic area of euro-denominated supra-sovereign, sovereign and agency ("SSA") and government guaranteed bonds. In particular, the commission found that from 2006 to 2016, certain dbag traders participated in collusive conduct with traders at the other bank by coordinating on prices of the relevant bonds quoted to clients, in violation of European union rules prohibiting anticompetitive business practives. As a result of its proactive cooperation with the commission and pursuant to the commission's 2006 leniency notice, dbag was granted full immunity relating to the infringements described in the decision.
Sep 25, 2023
Regulatory Action: SEC FinalAbout an affiliate: DWS InvestmentSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $19.0M · Begun Sep 25, 2023 · Resolved Sep 25, 2023 · Order · Docket FILE NO. 3-21709
The SEC found that DWS Investment management americas, inc. ("DIMA") failed to have policies and procedures in place to ensure adequate implementation of certain provisions of its global ESG integration policy as they pertain to certain of DIMA's actively managed mutual funds and retail separately managed account strategies. The SEC further found that by virtue of DIMA's failures to adopt and implement reasonably designed policies and procedures to ensure the accuracy of its public statements, certain of its public statements about DIMA's ESG integration approach contained material misstatements. The SEC did not fund that any of these public statements were intentionally false.
On September 25, 2023, without admitting or denying the findings therein, dima entered into a settlement with the SEC finding that dima failed to have policies and procedures in place to ensure adequate implementation of certain provisions of its global ESG integration policy as they pertain to certain of dima's actively managed mutual funds and retail separately managed account strategies. The SEC further found that by virtue of dima's failures to adopt and implement reasonably designed policies and procedures to ensure the accuracy of its public statements, certain of its public statements about dima's ESG integration approach contained material misstatements. The SEC did not find that any of these public statements were intentionally false. Dima was (I) censured, (II) ordered to cease and desist from committing or causing any violations and any future violations of sections 206(2) and 206(4) of the Advisers Act and rules 206(4)-7 and 206(4)-8 thereunder, and (III) ordered to pay a civil money penalty in the amount of $19,000,000, which will be timely paid.
Aug 28, 2023
Regulatory Action: Frankfurt Stock Exchange (Fse) FinalAbout an affiliate: Deutsche Bank AGSanctions: Reprimand · Begun Sep 21, 2022 · Resolved Aug 28, 2023 · Decision · Docket HM 39-2022
The Frankfurt stock exchange ("FSE") found that, from November 2021 through August 2022, Deutsche Bank AG, Frankfurt am main ("DB AG") failed to convert 2,039 short codes into long codes as required by section 114 of the FSE rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014.
On September 2, 2023, DB AG received a decision from fse finding that, from November 2021 through August 2022, DB AG failed to convert 2,039 short codes into long codes as required by section 114 of the fse rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014, and issuing a reprimand to DB AG, but not imposing a fine or other monetary sanction.
Jul 13, 2023
Regulatory Action: Board of Governors of the Federal Reserve System FinalAbout an affiliate: Deutsche Bank AG New YorkSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $186.4M · Begun Jul 13, 2023 · Resolved Jul 13, 2023 · Consent · Docket 23-012-B-FB, 23-012-B-FBR, 23-012-B-HC, 23-012-B-SM, 23-012-CMP-FB, 23-012-CMP-FBR, 23-012-CMP-HC, 23-012-CMP-SM
The Board of Governors of the Federal Reserve System ("FRB") alleged that Deutsche bank AG, Deutsche Bank AG New York branch, DB USA corporation, Deutsche bank trust company americas and DWS USA corporation (collectively the "settling entities" or the "bank") insufficiently and tardily implemented the post-settlement sanctions and embargoes and AML control enhancement undertakings required by prior consent orders with the FRB dated November 4, 2015, and May 26, 2017, respectively.
On July 13, 2023, the FRB and the settling entities entered into a consent order relating to allegations that the settling entities insufficiently and tardily implemented the post-settlement sanctions and embargoes and AML control enhancement undertakings required by prior consent orders with the FRB dated November 4, 2015, and May 26, 2017, respectively. The settling entities, without admitting or denying the allegations, agreed to a fine of $186,392,035, including $140,192,035 for the violations alleged with the respect to the post-settlement sanctions and embargoes and AML control enhancement undertakings, as well as a separate penalty of $46,000,000 for unsafe or unsound practices stemming from the bank's handling of its legacy correspondent banking relationship with danske bank estonia, which was terminated in October 2015. The fine was timely paid on July 14, 2023. In addition, the consent order includes certain post-settlement remediation and reporting undertakings.
Jul 11, 2023
Regulatory Action: National Bank of Hungary (NBH) FinalAbout an affiliate: Deutsche Bank AG, HungarySanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $11,093 · Begun Jul 11, 2023 · Resolved Jul 11, 2023 · Order · Docket H-JE-I-B-116/2023
The national bank of hungary ("NBH") found that Deutsche Bank AG, Hungary branch ("DBAG") did not meet its data reporting obligations with appropriate data quality related to specific balance sheet items and cash flow reports.
On July 11, 2023, the NBH issued a resolution against dbag finding that dbag did not meet its data reporting obligations with appropriate data quality related to specific balance sheet items and cash flow reports. The resolution imposed a fine on dbag of 4,000,000 hungarian forints, which is approximately usd $11,093, which was timely paid on July 21, 2023.
Jun 27, 2023
Regulatory Action: Bank of Portugal FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $5,649 · Begun Jun 14, 2023 · Resolved Jun 27, 2023 · Order · Docket 602/22/CO
On June 27, 2023, the Bank of Portugal found that Deutsche Bank AG, portugal branch ("DBAG") violated article 71(1) of the general regime of credit institutions and financial companies by failing to register the termination of a former manager's duties within thirty days of the manager's resignation.
On June 27, 2023, the Bank of Portugal found that dbag violated article 71(1) of the general regime of credit institutions and financial companies by failing to register the termination of a former manager's duties within thirty days of the manager's resignation. The Bank of Portugal fined dbag 5,000 euros which is approximately $5,649 usd. The fine was timely paid on July 11, 2023.
Jun 20, 2023
Regulatory Action: Bank of Portugal FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $6,780 · Begun Jun 9, 2023 · Resolved Jun 20, 2023 · Order · Docket 261/22/CO
On June 20, 2023, the Bank of Portugal found that Deutsche Bank AG, portugal branch ("DBAG") violated articles 103(1) and 114(1) of the general regime of credit institutions and financial companies by allowing debit transactions to a customer's account that were not authorized by the customer and failing to make timely repayment and reimbursement of such debits.
On June 20, 2023, the Bank of Portugal found that dbag violated article 103(1) and 114(1) of the general regime of credit institutions and financial companies by allowing debit transactions to a customer's account that were not authorized by the customer and failing to make timely repayment and reimbursement. The Bank of Portugal fined dbag 6,000 euros which is approximately $6,780 usd. The fine was timely paid on July 5, 2023.
May 22, 2023
Regulatory Action: Bloomberg SEF LLC FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $175,000 · Begun Feb 27, 2023 · Resolved May 22, 2023 · Settled · Docket CASE NO. 2022-4
Bloomberg SEF LLC ("BSEF") found that Deutsche Bank AG ("Dbag") failed to report error trades in a timely manner in accordance with BSEF rules, and that DBAG failed to administer supervisory procedures to ensure that error trades were properly reported and corrected on BSEF despite numerous previous violations.
On May 22, 2023, dbag, without admitting or denying the findings contained therein, entered into a settlement with BSEF, in which BSEF found that dbag failed to report error trades in a timely manner in accordance with BSEF rules, and that dbag failed to administer supervisory procedures to ensure that error trades were properly reported and corrected on BSEF despite numerous prevous violations. Dbag agreed to a fine of usd $175,000, which was timely paid on June 7, 2023.
Mar 21, 2023
Regulatory Action: German Federal Financial Supervisory Authority (BAFIN) FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $200,000 · Begun Jan 3, 2023 · Resolved Mar 21, 2023 · Order · Docket ZRC 6-GW 2212-100003-2022/0001
On March 21, 2023, German federal financial supervisory authority ("BAFIN") found that, from July 5, 2021 to September 6, 2021, Deutsche Bank AG ("DBAG") failed to timely file suspicious activity reports ("SARS") related to certain transactions in a client account as required by the German money laundering act.
On March 21, 2023, BAFIN found that, from July 5, 2021 to September 6, 2021, dbag failed to timely file sars related to certain transactions in a client account as required by the German money laundering act. Dbag was fined eur 177,503, which is approximately usd $200,000, which was timely paid.
Mar 10, 2023
Civil Judicial Action FinalAbout an affiliate: DWS Investment GMBHSanctions: Injunction; N/a · Begun Sep 26, 2022 · Resolved Mar 10, 2023 · Settled
The verbraucherzentrale badenwÜrttemberg E.V. ("VZBW") alleged that DWS Investment GMBH ("DWS") made misleading statements in violation of the german act against unfair competition ("UWG") in two marketing documents for a fund entitled "DWS invest ESG climate tech" used visÀvis consumers in Germany.
Pursuant to the out-of-court settlement (the "settlement") DWS and VZBW agreed that, beginning March 22, 2023, DWS would no longer use the two marketing documents for the fund DWS ESG climate tech visÀvis consumers in Germany without making certain changes to the marketing documents and issuing a corresponding declaration.
Feb 27, 2023
Regulatory Action: Bloomberg SEF LLC FinalAbout an affiliate: Deutsche Bank AG ("DB AG")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $75,000 · Begun Mar 31, 2022 · Resolved Feb 27, 2023 · Settled · Docket CASE NO. 2022-1, 2022-2, 2022-3
Bloomberg SEF LLC ("BSEF") found that Deutsche bank AG ("DBAG") failed to report error trades in a timely manner in accordance with BSEF rules, and that DBAG failed to administer supervisory procedures to ensure that error trades were properly reported and corrected on BSEF despite numerous previous violations.
On February 27, 2023, dbag, without admitting or denying the findings contained therein, entered into a settlement with BSEF, in which BSEF found that dbag failed to administer supervisory procedures to ensure that error trades were properly reported and corrected on BSEF despite numerous previous violations. Dbag agreed to a fine of usd $75,000, which was timely paid on March 14, 2023.
Feb 22, 2023
Regulatory Action: Frankfurt Public Prosecutor FinalAbout an affiliate: Deutsche Bank AG ("DB AG")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $2.0M · Begun Feb 22, 2023 · Resolved Feb 22, 2023 · Order · Docket 7550 JS-OWI 255016/22
The Frankfurt Public Prosecutor ("FPP") found that, from 2017 to 2022, Deutsche Bank AG ("DB AG") failed to timely file certain suspicious activity reports ("SARS") as required by the german money laundering act.
On February 22, 2023, the FPP issued a fine notice finding that, from 2017 to 2022, dbag failed to timely file certain sars as required by the german money laundering act. DB AG agreed to a fine of 1,830.000 euros, which is approximately usd 1,965,000, which will be timley paid.
Sep 27, 2022
Regulatory Action: CFTC FinalAbout an affiliate: Deutsche Bank SecuritiesSanctions: Civil and Administrative Penalt(ies) /Fine(s); The order required Deutsche bank AG ("DBAG") and Deutsche Bank Securities, inc. ("DBSI") to retain a compliance consultant. · Fine: $75.0M · Begun Sep 27, 2022 · Resolved Sep 27, 2022 · Order · Docket CFTC DOCKET NO. 22-48.
The Commodity Futures Trading Commission ("CFTC") found that, from at least January 2018 to September 2022, dbag and dbsi employees sent and received off-channel communications that related to the business of swap dealers and futures commission merchants, and that dbag and dbsi did not maintain or preserve these written communications, resulting in violations of the requirements to preserve certain business-related communications in the Commodity Exchange Act (the "cea"), and that dbag and dbsi failed to diligently supervise their employees in relation to these requirements.
On September 27, 2022, dbag and dbsi entered into a settlement with the CFTC, which the CFTC approved in its order of the same date. The order found that from at least January 2018 to September 2022, dbag and dbsi employees sent and received off-channel communications that related to the business of swap dealers and futures commission merchants, and that dbag and dbsi did not maintain or preserve these written communications, resulting in violations of the requirements to preserve certain business- related communications in the cea, and that dbag and dbsi failed to diligently supervise their employees in relation to these requirements. Dbag and dbsi agreed to a fine of $75,000,000, which was timely paid on October 7, 2022, and to retain a compliance consultant and adopt the compliance consultant's recommendations related to the preservation of business-related communications.
Sep 27, 2022
Regulatory Action: SEC FinalAbout an affiliate: Deutsche Bank Securities; the full record is on the affiliate's own Form ADVSanctions: Civil and Administrative Penalt(ies) /Fine(s); The order required Deutsche Bank Securities, inc. ("DBSI"), DWS distributors, inc. ("DDI") and DWS investment management americas, · Fine: $125.0M · Begun Sep 27, 2022 · Resolved Sep 27, 2022 · Order · Docket FILE NO. 3-21173.
The securities exchange commission ("SEC") found that, from at least January 2018 to September 2021, dbsi, ddi and dima employees sent and received off-channel communications that related to the business of broker-dealers and investment advisers, and that dbsi, ddi and dima did not maintain or preserve the substantial majority of these written communications, resulting in violations of the requirements to preserve certain business-related communications in the Securities Exchange Act of 1934 (the "Exchange Act") and the Investment Advisers Act of 1940 (the "Advisers Act"), and that dbsi, ddi and dima failed to reasonably supervise their employees in relation to these requirements.
On September 27, 2022, dbsi, ddi and dima entered into a settlement with the SEC, which the SEC approved in its order of the same date. The order found that, from at least January 2018 to September 2021, dbsi, ddi and dima employees sent and received off- channel communications that related to the business of broker-dealers and investment advisers, and that dbsi, ddi and dima did not maintain or preserve the substantial majority of these written communications, resulting in violations of the requirements to preserve certain business-related communications in the Exchange Act and the Advisers Act, and that dbsi, ddi and dima failed to reasonably supervise their employees in relation to these requirements. Dbsi, ddi and dima agreed to a fine of $125,000,000, which was timely paid on October 7, 2022, and to retain a compliance consultant and adopt the compliance consultant's recommendations related to the preservation of business-related communications.
Jul 21, 2022
Regulatory Action: State Bank of Pakistan (SBP) FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Other; Warning letter · Begun May 31, 2022 · Resolved Jul 21, 2022 · Order · Docket NO. BSD-I/BANK/DB/274234/2022
The state bank of pakistan ("SBP") found that Deutsche Bank AG ("Dbag"), through its karachi branch, repatriated dividends to a foreign company from 2012 to 2019 without authorization from the SBP in violation of para 16(I), chapter 14 of the pakistan foreign exchange manual under the foreign exchange regulation act.
In a warning letter dated July 21, 2022, the SBP found that dbag, through its karachi branch, repatriated dividends to a foreign company from 2012 to 2019 without authorization from the SBP in violation of para 16(I), chapter 14 of the pakistan foreign exchange manual under the foreign exchange regulation act, but did not impose any monetary penalty, restrictions or limitations on DB AG's business or undertakings, or any other sanctions.
Jul 1, 2022
Regulatory Action: Frankfurt Public Prosecutor FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $7.9M · Begun Nov 25, 2021 · Resolved Jul 1, 2022 · Order · Docket 7500 JS-OWI 249132/21
On July 1, 2022, the Frankfurt Public Prosecutor ("FPP") found that, from 2017 to 2021, Deutsche Bank AG ("DBAG") failed to timely file certain suspicious activity reports ("SARS") related to activities undertaken by a correspondent bank as required by the german money laundering act.
On July 1, 2022, the FPP found that, from 2017 to 2021, dbag failed to timely file certain sars related to activities undertaken by a correspondent bank as required by the german money laundering act. Dbag was fined eur 7,010,000 (which is approximately usd $7,890,000), which was timely paid.
Jun 29, 2022
Regulatory Action: Eurex Deutschland (Eurex) FinalAbout an affiliate: Deutsche Bank AGSanctions: Reprimand · Begun Apr 21, 2022 · Resolved Jun 29, 2022 · Decision · Docket M 2021/159
Eurex deutschland ("Eurex") found that, from July 2021 through October 2021, Deutsche Bank AG, frankfurt am main ("DB AG") failed to convert 7,257 short codes into long codes as required by section 72 of the Eurex exchange rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014.
On June 29, 2022, DB AG received a decision from Eurex finding that, from July 2021 through October 2021, DB AG failed to convert 7,257 short codes into long codes as required by section 72 of the Eurex exchange rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014, and issuing a reprimand to DB AG, but not imposing a fine or other monetary sanction.
Jun 3, 2022
Regulatory Action: CME Group Xchange FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $2,000 · Resolved Jun 3, 2022 · Decision · Docket COMEX RSRH-22-6630, EFRP ID 2112MTL002 AND EFRP ID 2201MTL001
CME group exchange ("CME") alleged that Deutsche bank AG ("DB AG") failed to report certain exchange for related position ("EFRP") trades in a timely manner in accordance with CME rule 538.I.
On May 19, 2022, dbag received a preliminary decision from CME, which alleged that dbag failed to report certain efrp trades in a timely manner in accordance with CME rules. Dbag did not admit or deny the findings in the preliminary decision, which became final on June 3, 2022, and imposed a fine of $2,000, which will be timely paid.
May 27, 2022
Regulatory Action: Frankfurt Stock Exchange ("Fse") FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Reprimand · Begun Dec 9, 2021 · Resolved May 27, 2022 · Decision · Docket H 53-2021
The Frankfurt Stock Exchange ("Fse") found that, from June 2021 through October 2021, Deutsche bank AG, Frankfurt am main ("DB AG") failed to convert 366 short codes into long codes as required by section 114 of the FSE rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014.
On April 25, 2022, DB AG received a decision from fse finding that, from June 2021 through October 2021, DB AG failed to convert 366 short codes into long codes as required by section 114 of the fse rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014, and issuing a reprimand to DB AG, but not imposing a fine or other monetary sanction. The decision became final on May 27, 2022.
Mar 10, 2022
Regulatory Action: Eurex Deutschland (Eurex) FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Reprimand · Begun Feb 10, 2022 · Resolved Mar 10, 2022 · Decision · Docket M 2021/60
Eurex deutschland ("Eurex") found that, from April 2021 through June 2021, Deutsche bank AG, frankfurt am main ("DB AG") failed to convert 126 short codes into long codes as required by section 72 of the Eurex exchange rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014.
On February 10, 2022, DB AG received a decision from Eurex finding that, from April 2021 through June 2021, DB AG failed to convert 126 short codes into long codes as required by section 72 of the Eurex exchange rules, resulting in a violation of section 26 g of the german stock Exchange Act as well as article 25(2) and (3) of regulation (EU) no. 600/2014, and issuing a reprimand to DB AG. The decision became final on March 10, 2022.
Feb 28, 2022
Regulatory Action: State Bank of Pakistan ("SBP") FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $5,682 · Begun Feb 28, 2022 · Resolved Feb 28, 2022 · Order · Docket 13938/DBK/02/2022
The State Bank of Pakistan ("SBP") found that in 2011, Deutsche bank AG ("DB AG"), through its karachi branch, failed to report disbursement of, and interest charged on, certain loans to the SBP in monthly foreign exchange returns as required by foreign exchange circular letter no. 5.
On February 28, 2022, DB AG received an order from the SBP, finding that in 2011, DB AG, through its karachi branch, failed to report disbursement of, and interest charged on, certain loans to the SBP in monthly foreign exchange returns as required by foreign exchange circular letter no. 5. The SBP imposed an administrative penalty of PKR 1,030,000 which is approximately usd $5,682, which will be timely paid.
Dec 28, 2021
Regulatory Action: German Federal Financial Supervisory Authority (BAFIN) FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $9.8M · Begun Dec 28, 2021 · Resolved Dec 28, 2021 · Consent · Docket WA 17 - WP 3139-2021/0001
The German federal financial supervisory authority ("BAFIN") alleged that from April 24, 2019 to April 23, 2020, Deutsche bank AG ("DB AG"), as a supervised contributor to the euribor benchmark rate, did not have sufficiently effective controls for the submission of data pursuant to article 16(2)(a) of the regulation (EU) 2016/1011 (EU benchmark regulation).
On December 28, 2021, DB AG received a fine notice in connection with a regulatory settlement with BAFIN. BAFIN alleged that from April 24, 2019 to April 23, 2020, DB AG, as a supervised contributor to the euribor benchmark rate, did not have sufficiently effective controls for the submission of data pursuant to article 16(2)(a) of the regulation (EU) 2016/1011 (EU benchmark regulation). DB AG agreed to a fine of 8,663,200 euros, which is approximately usd $9,800,000, which was timely paid on January 14, 2022.
Oct 19, 2021
Regulatory Action: Bank of Portugal FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $7,000 · Begun Sep 27, 2021 · Resolved Oct 19, 2021 · Consent · Docket PROCEEDING NO. 44/20/CO
The Bank of Portugal alleged that three employees at a branch agency of Deutsche Bank AG-portugal branch ("DB AG portugal") had not completed required training for managing cash (euro banknotes and coins). The Bank of Portugal further alleged that DB AG portugal thus made euro notes available to the public that were not verified by professionals properly qualified to verify authenticity and quality.
On October 19, 2021, DB AG portugal submitted a declaration of acceptance of a decision issued by the Bank of Portugal alleging that three employees at a branch agency of DB AG portugal had not completed required training for managing cash (euro banknotes and coins). The Bank of Portugal further alleged that DB AG portugal thus made euro notes available to the public that were not verified by professionals properly qualified to verify authenticity and quality. Pursuant to the declaration of acceptance, DB AG portugal agreed to a fine of 6,000 euros, which is approximately usd $7,000. The fine was timely paid on October 19, 2021.
Aug 31, 2021
Regulatory Action: ICE Futures U.S., Inc. FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $7,500 · Begun Aug 31, 2021 · Resolved Aug 31, 2021 · Settled · Docket CASE NO. 2020-012
ICE Futures U.S., Inc. ("IFUS") alleged that Deutsche bank AG ("DB AG") may have violated IFUS rule 4.02(c) on February 28, 2020 by executing a block trade between two accounts that shared the same beneficial owner for the purpose of moving a position from one clearing member to another.
On August 31, 2021, DB AG, without admitting or denying the findings contained therein, entered into a settlement agreement with ifus. In the settlement agreement, ifus alleged that DB AG may have violated ifus rule 4.02(c) on February 28, 2020 by executing a block trade between two accounts that shared the same beneficial owner for the purpose of moving a position from one clearing member to another. Pursuant to the settlement agreement, DB AG agreed to a fine of usd $7,500, which was timely paid on September 14, 2021.
Jun 25, 2021
Regulatory Action: Bloomberg SEF LLC FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $7,500 · Begun Jun 25, 2021 · Resolved Jun 25, 2021 · Decision · Docket CASE NO. 2021-1
Bloomberg SEF LLC ("BSEF") alleged that Deutsche Bank AG ("Dbag") executed offsetting and correcting trades for a January 21, 2021 trade after the permitted timeframe of three business days and failed to use appropriate offsetting terms as required under BSEF rules.
On June 25, 2021, DB AG, without admitting or denying the findings contained therein, entered into a written decision with BSEF. In the written decision, BSEF alleged that DB AG executed offsetting and correcting trades for a January 21, 2021 trade after the permitted timeframe of three business days and failed to use appropriate offsetting terms as required under BSEF rules. Pursuant to the written decision, DB AG agreed to a fine of usd $7,500, which was timely paid on 7/15/2021.
Jun 18, 2021
Regulatory Action: CME Group FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $1,000 · Begun Jun 2, 2021 · Resolved Jun 18, 2021 · Decision · Docket DQA-21-0626
The CME Group alleged that Deutsche Bank AG's ("DB AG") electronic audit trail relating to electronic order routing for front- end systems failed to meet a CME Group requirement to maintain a complete electronic audit trail for a minimum of five years. The CME Group acknowledged that DB AG subsequently applied new measures to its recordkeeping processes to ensure compliance with the relevant requirement.
On June 18, 2021, DB AG agreed to the entry of a summary fine notice by the CME Group. In the summary fine notice, the CME Group alleged that DB AG's electronic audit trail relating to electronic order routing for front-end systems failed to meet a CME Group requirement to maintain a complete electronic audit trail for a minimum of five years. The CME Group acknowledged that DB AG subsequently applied new measures to its recordkeeping processes to ensure compliance with the relevant requirement. Pursuant to the summary fine notice, DB AG agreed to a fine of usd $1,000, the fine will be paid.
Jun 4, 2021
Regulatory Action: Swiss Federal Department of Finance (Efd) FinalAbout an affiliate: Deutsche Bank AG ("DB AG")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $33,000 · Begun Jun 4, 2021 · Resolved Jun 4, 2021 · Order · Docket 442.2-358
The Swiss federal department of finance (the "Swiss efd") found that Deutsche Bank AG ("DB AG") failed to make timely reports to the SIX Swiss exchange ("SIX") when DB AG's holdings of two SIX-listed companies had fallen below the threshold requiring notification to the SIX within four trading days. In addition, the Swiss efd found that DB AG failed to correct inaccurate disclosure reports relating to its holdings in another SIX-listed company.
On June 4, 2021, the Swiss efd entered an order (the "order") finding that DB AG failed to make timely reports to the SIX Swiss exchange ("SIX") when DB AG's holdings of two SIX-listed companies had fallen below the threshold requiring notification to the SIX within four trading days. In addition, the Swiss efd found that DB AG failed to correct inaccurate disclosure reports relating to its holdings in another SIX-listed company. The Swiss efd imposed a fine of thirty thousand Swiss francs, which is approximately usd $33,000, which will be timely paid.
May 18, 2021
Regulatory Action: Republic of the Philippines Anti-Money Laundering Council FinalAbout an affiliate: Deutsche Bank AG (ManilaSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $21,000 · Begun Apr 14, 2021 · Resolved May 18, 2021 · Order · Docket AMLC ADMIN. CASE NO. 18-024
The philippines anti-money laundering council ("AMLC") alleged that Deutsche bank AG ("DB AG"), manila branch failed to report all covered transactions to the AMLC within five working days, as required under the philippines anti-money laundering act of 2001, as amended. In particular, the AMLC alleged that 2,069 covered transaction reports were filed beyond the five-day period during the first semester of 2017. The AMLC found that DB AG showed "good cause" in adequately remediating AML system issues, including the covered transaction reports at issue. Accordingly, the AMLC agreed to withdraw the case upon receipt of an assessment payment and confirmation of DB AG's remedial measures.
On May 18, 2021, the amlc approved a resolution (the "resolution") in connection with DB AG, manila branch's alleged failure to report all covered transactions to the amlc within five working days, as required under the philippines anti-money laundering act of 2001, as amended. In particular, the amlc alleged that 2,069 covered transaction reports were filed beyond the five-day period during the first semester of 2017. The amlc found that DB AG showed "good cause" in adequately remediating AML system issues, including the covered transaction reports at issue. Accordingly, the amlc agreed to withdraw the case upon receipt of an assessment payment and confirmation of DB AG's remedial measures. The amlc imposed an assessment of one million philippine pesos, which is approximately usd $21,000, which was timely paid on May 24, 2021.
Apr 28, 2021
Regulatory Action: European Commission FinalAbout an affiliate: Deutsche Bank AG, DBSanctions: Cease and Desist · Begun Dec 20, 2018 · Resolved Apr 28, 2021 · Decision · Docket AT.40346
The European Commission ("commission") found that Deutsche Bank AG, DB group services (UK) limited, and Deutsche securities inc. (together, "DB") and three other banks took part in anticompetitive conduct relating to the secondary trading market within the European economic area of supra-sovereign, sovereign and agency ("SSA") bonds denominated in U.S. dollars. In particular, the commission found that from 2010 to 2014, certain DB traders participated in a cartel with traders at the three other banks by coordinating on prices of SSA bonds quoted to clients and the market in general, in violation of European union rules prohibiting anticompetitive business practices. As a result of its voluntary disclosure and cooperation with the commission and pursuant to the commission's 2006 leniency notice, DB was granted full immunity relating to the infringements described in the decision.
On April 28, 2021, the commission issued a decision finding that DB and three other banks took part in anticompetitive conduct relating to the secondary trading market within the European economic area of ssa bonds denominated in U.S. dollars. In particular, the commission found that from 2010 to 2014, certain DB traders participated in a cartel with traders at the three other banks by coordinating on prices of ssa bonds quoted to clients and the market in general, in violation of European union rules prohibiting anticompetitive business practices. As a result of its voluntary disclosure and cooperation with the commission and pursuant to the commission's 2006 leniency notice, DB was granted full immunity relating to the infringements described in the decision and agreed to cease and desist from the relevant infringements.
Mar 10, 2021
Regulatory Action: Czech National Bank FinalAbout an affiliate: Deutsche Bank AG (PragueSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $225,000 · Begun Mar 10, 2021 · Resolved Mar 10, 2021 · Order · Docket REF. NO. 2021 / 25856 / 570; FILE NO.: SP/2020/49/573
The Czech National Bank ("CNB") found that Deutsche bank AG ("DB AG"), prague branch failed to implement and apply appropriate internal control procedures to mitigate risks relating to anti-money laundering and terrorist financing by failing to verify certain client data against sanction lists, establishing unreasonably long deadlines for checking potentially suspicious transaction alerts, and failing to ensure that control procedures could be adequately reconstructed. In addition, the CNB found that DB AG, prague branch failed to perform client checks to the extent necessary to assess such risks by setting inadequate parameters for the generation of suspicious transaction alerts, and in at least one case, failing to flag cross- border transactions that did meet the parameters
On March 10, 2021, the CNB entered an order (the "order") finding that DB AG, prague branch failed to implement and apply appropriate internal control procedures to mitigate risks relating to anti-money laundering and terrorist financing by failing to enter identification data into its internal system to verify certain client data against sanction lists, establishing unreasonably long deadlines for checking potentially suspicious transaction alerts, and failing to ensure that control procedures could be adequately reconstructed. In addition, the CNB found that DB AG, prague branch failed to perform client checks to the extent necessary to assess risks relating to anti-money laundering and terrorist financing by setting inadequate parameters for the generation of suspicious transaction alerts, and in at least one case, failing to flag cross-border transactions that did meet the parameters for the generation of suspicious transaction alerts. The CNB imposed a fine of five million Czech crowns, which is approximately usd $225,000, which will be timely paid.
Feb 26, 2021
Regulatory Action: South African Reserve Bank FinalAbout an affiliate: Deutsche Bank AG (Sanctions: Civil and Administrative Penalt(ies) /Fine(s); Reprimand and caution · Fine: $2.6M · Begun Feb 26, 2021 · Resolved Feb 26, 2021 · Order · Docket REF.: 15/1/L_DBAG
The South African Reserve Bank ("SARB") found that Deutsche Bank AG ("DB AG"), johannesburg branch, in connection with its anti- money laundering ("AML") and counter-financing of terrorism ("CFT") compliance program, failed to comply with certain responsibilities and requirements relating to DB AG's risk management and compliance program, customer due diligence, recordkeeping, and governance.
On February 26, 2021, the sarb entered an order (the "order") finding that DB AG, johannesburg branch, in connection with its AML compliance program, failed to comply with (I)risk management and compliance responsibilities, for example, by failing to identify certain natural-person ubos, {II) customer due diligence requirements for certain clients,{III) recordkeeping requirements for certain terminated client relationships, and {IV) AML/CFT governance requirements relating to customer due diligence, recordkeeping, and screening processes for existing customers. The sarb issued cautions, a reprimand, and a fine of zar 38 million, which is approximately usd $2.60 million, of which zar 28 million (approximately usd$1.92 million) was timely paid on March 23, 2021, and of which zar 10 million (approximately usd $690,000) is suspended for three years provided there are no similar recordkeeping deficiencies within the three-year period.
Feb 5, 2021
Regulatory Action: Central Bank of the Republic of China (Taiwan) FinalAbout an affiliate: Deutsche Bank AG (TaipeiSanctions: Revocation; Suspension · Begun Feb 5, 2021 · Resolved Feb 5, 2021 · Order · Docket TAI-YANG-WEI-CHI-TZU-1100006870
The Central Bank of the Republic of China (Taiwan) ("CBC") found that Deutsche bank AG, taipei branch ("DBTP") failed to review transactional documents to verify that its clients' two/foreign currency forward trades were driven by "foreign exchange genuine need" for TAIWAN dollars, resulting in the clients engaging in speculative trading in two/foreign currency forwards. In addition, certain of those transactions, when matched with spot FX transactions upon maturity of the forward transactions, were found to be in the nature of synthetic NDF transactions with counterparties other than those allowed by CBC regulations.
In February 5, 2021, the CBC issued the sanction letter to DBTP. In the sanction letter, the CBC found that DBTP failed to review transactional documents to verify that its clients' two/foreign currency forward trades were driven by "foreign exchange genuine need" for taiwan dollars, resulting in the clients engaging in speculative trading in two/foreign currency forwards. In addition, certain of those transactions, when matched with spot FX transactions upon maturity of the forward transactions, were found to be in the nature of synthetic NDF transactions with counterparties other than those allowed by CBC regulations. The sanction letter revoked DBTP's ability to engage in two/foreign currency forward trades and two/foreign currency non- deliverable forward trades, and suspended DBTP for a period of two years from engaging in foreign exchange derivatives transactions. The revocation and suspension are subject to an administrative appeal to be submitted within 31 days following receipt of the sanction letter. DBTP is permitted to re-apply to the CBC to resume business activities covered by the revocation and suspension prior to the end of the two-year period upon demonstration to the CBC of "concrete improvement." No monetary sanction was imposed by the CBC.
Jan 12, 2021
Regulatory Action: The Reserve Bank of India ("Rbi") FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $276,000 · Begun Jan 12, 2021 · Resolved Jan 12, 2021 · Other
The Reserve Bank of India ("Rbi") found that Deutsche Bank AG ("DB AG") failed to offer uniform rates of interest paid on deposits of similar amount and tenure accepted on the same dates in seven instances from financial years 2017 to 2019. In addition, the RBI found that DB AG communicated interest rates of bulk deposits before publishing the interest rate schedule on its website, and failed to maintain the bulk deposit interest rate card for corporate customers in its core banking system prior to July 20, 2020.
On January 12, 2021, the rbi entered an order (the "order") finding that DB AG failed to offer uniform rates of interest paid on deposits of similar amount and tenure accepted on the same dates in seven instances from financial years 2017 to 2019. In addition, the rbi found that DB AG communicated interest rates of bulk deposits before publishing the interest rate schedule on its website, and failed to maintain the bulk deposit interest rate card for corporate customers in its core banking system prior to July 20, 2020. The rbi imposed a fine of two core rupees, which is approximately $276,000, which was timely paid on January 19, 2021.
Jan 8, 2021
Regulatory Action: SEC FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Cease and Desist; Disgorgement · Begun Jan 8, 2021 · Resolved Jan 8, 2021 · Order · Docket FILE NO. 3-20200
The SEC alleged that Deutsche Bank AG ("Dbag") improperly used third-party intermediaries, business development consultants, and finders to obtain and retain global business from at least 2009 through 2016. The SEC alleged that DBAG lacked sufficient internal accounting controls related to the use and payment of BDCS during the relevant time period and failed to take sufficient steps to address and remediate known internal accounting control failures until 2016. The SEC also alleged that payments were inaccurately recorded as legitimate business expenses in DBAG's books and records, and involved falsified invoices and documentation.
On January 8, 2021, the SEC entered an order instituting cease-and-desist proceedings pursuant to section 21c of the Securities Exchange Act of 1934, making findings, and imposing a cease-and-desist order (the "order") in the matter of Deutsche bank AG. The order requires dbag to cease and desist from violating sections 13(b)(2)(a) and 13(b)(2)(b) of the Securities Exchange Act and to pay disgorgement of $35,145,619 and prejudgment interest of $8,184,003, which was timely paid on January 14, 2021.
Jul 7, 2020
Regulatory Action: New York State Department of Financial Services ("DFS") FinalAbout an affiliate: Deutsche Bank AG,Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $150.0M · Begun Jul 7, 2020 · Resolved Jul 7, 2020 · Consent
In a consent order dated July 7, 2020 (the "consent order"), the New York state department of financial services ("NY DFS") found that Deutsche Bank AG ("DBAG"), DBAG New York branch (the "NY branch"), and Deutsche bank trust company americas ("dbtca," together with DBAG and the NY branch, "Deutsche bank" or the "bank"), in connection with the bank's former relationship with jeffrey epstein and former correspondent banking relationships with danske bank a/s estonia branch ("danske estonia") and the federal bank of the middle east LTD. ("FBME"), conducted business in an unsafe and unsound manner and failed to maintain an effective and compliant anti-money laundering program. NY DFS found that the bank failed to adequately monitor the activity of MR. epstein and his related entities between August 2013 and December 2018 despite deeming MR. epstein a "high risk" client, thereby failing to detect and prevent suspicious transactions. In connection with the bank's correspondent banking relationship with FBME (terminated in July 2014), NY DFS found that the high-risk nature of the relationship, the high number of suspicious transactions, and other AML-related issues should have prompted the bank to exit the relationship before the U.S. Treasury department's financial crimes enforcement network named FBME as a foreign financial institution of primary money laundering concern in July 2014. In connection with the bank's correspondent banking relationship with danske estonia (terminated in October 2015), NY DFS found that the bank continued its relationship with danske estonia despite the high number of suspicious transactions, the history of high-risk scores the bank assigned to danske estonia, and the bank's discussions with danske estonia about danske estonia's AML policies and controls.
On July 7, 2020, Deutsche bank entered into a settlement with the NY DFS. That settlement is reflected in a consent order issued by the NY DFS under New York banking law §§ 39 and 44 (the "consent order"). The consent order required the bank to continue to cooperate with an independent monitor appointed pursuant to a prior consent order with the NY DFS, dated January 30, 2017; to address the compliance failures alleged in the consent order within the timetables of the prior consent order; to pay a civil money penalty of $150,000,000, which was timely paid on July 10, 2020, and to cooperate with the NY DFS regarding the terms of the consent order.
Jun 17, 2020
Civil Judicial Action FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Civil Penalty(ies)/Fine(s); Injunction and court order appointing compliance monitor · Fine: $9.0M · Begun Aug 18, 2016 · Resolved Jun 17, 2020 · Consent
The CFTC alleged that, with respect to the reporting of swap data, Deutsche Bank AG ("Dbag") failed to properly report and correct errors in real-time data, to correct errors and omissions in previously reported data, provide diligent supervision, and maintain an adequate business continuity and disaster recovery plan. The CFTC also alleged that DBAG violated a 2015 CFTC order that resolved a CFTC investigation into a different type of swap reporting error.
Without admitting or denying the allegations, dbag agreed to a permanent injunction requiring it to comply with the 2015 CFTC order and restraining it from violating certain provisions of the commodity Exchange Act ("CEA") and CFTC regulations related to swap data reporting requirements, business continuity and disaster recovery planning, and supervision. Dbag also agreed to pay a $9,000,000 civil money penalty. The fine was paid on July 1, 2020.
Aug 22, 2019
Regulatory Action: SEC FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, disgorgement · Fine: $3.0M · Begun Aug 22, 2019 · Resolved Aug 22, 2019 · Order · Docket FILE NO. 3-19373
The SEC alleged that Deutsche Bank AG ("DBAG") provided employment to the relatives of foreign government officials as a personal benefit to those officials in order to influence them to assist DBAG in obtaining or retaining business or other benefits between 2006 and 2014. The SEC alleged that DBAG's 2010 asia-pacific hiring policy did not apply to all categories of hires and was not effectively enforced by DBAG to detect and prevent its employees from offering temporary employment to candidates referred by current or potential clients to detect and prevent corrupt hiring practices. The SEC alleged that DBAG employees created false books and records that concealed these hiring practices and failed to accurately document and record certain related expenses. The SEC also alleged that DBAG failed to devise and maintain a system of internal accounting controls around its hiring practices sufficient to provide reasonable assurances that its employees did not violate anti-bribery laws.
On August 22, 2019, dbag, without admitting or denying the findings or conclusions therein, entered into a settlement with the SEC. the SEC approved the settlement in its order instituting cease-and-desist proceedings pursuant to section 21c of the Securities Exchange Act of 1934, making findings, and imposing a cease-and-desist order, including the following terms and conditions. Dbag agreed to cease and desist from violating sections 13(b)(2)(a) and 13(b)(2)(b) of the Exchange Act and to pay disgorgement of $10,785,900, prejudgment interest of $2,392,950, and a civil money penalty of $3,000,000, which was paid on September 3, 2019.
Oct 26, 2018
Regulatory Action: Chicago Mercantile Exchange ("CME") FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $75,000 · Begun Oct 26, 2018 · Resolved Oct 26, 2018 · Decision & Order of Offer of Settlement · Docket CME 17-0729
CME market regulation department alleged, and CME business conduct committee found, that Deutsche bank AG violated CME rules 538.c, 534 and 432.w by executing an exchange of futures for related position ("EFRP") without the exchange or related positions, thereby executing a non bona-fide erfp.
The action was resolved by decision of CME business conduct committee dated October 24, 2018, which became effective on October 26, 2018. The decision accepted an offer of settlement from Deutsche bank AG and directed Deutsche bank AG to pay a fine of $75,000 on or before November 9, 2018. Without admitting or denying the allegations, Deutsche bank AG paid the fine in full on November 6, 2018.
Jun 20, 2018
Regulatory Action: New York State Department of Financial Services FinalAbout an affiliate: Deutsche Bank AG andSanctions: Civil and Administrative Penalt(ies) /Fine(s); Undertaking · Fine: $205.0M · Begun Jun 20, 2018 · Resolved Jun 20, 2018 · Order · Docket N/A
On June 20, 2018, the New York State Department of Financial Services ("DFS"), dbag and dbag's New York branch (collectively, "the bank") entered into a consent order ("order"). Although the order recognized the bank's "extraordinary cooperation" with the DFS and institution of "wide-ranging reforms to address improper conduct in its FX trading business", the DFS found that the bank "fail[ed] to implement effective controls over its FX business" to ensure that the bank's FX activities complied with safe and sound banking practices and applicable internal policies, which prevented the bank from detecting and addressing improper conduct by certain of its FX traders and salespersons from 2007 to 2013. As a result of this conduct, the DFS found that the bank engaged in unsafe, unsound, and improper conduct.
The bank consented to the entry of the order on June 20, 2018 by the DFS, pursuant to which the bank: (a) shall pay a civil monetary penalty of $205,000,000, which the bank paid on June 22, 2018; (b) shall not rehire or retain certain former employees involved in the misconduct described in the order; (c) shall submit written plans to improve senior management oversight and the compliance risk management program, an enhanced written internal controls and compliance program, and an enhanced written internal audit program to the DFS within 90 days of the order; (d) for sub-section c, shall promptly implement the approved plans and programs within 10 days of approval by the DFS and thereafter fully comply with them; and (e) shall submit written progress reports to the DFS at the point of 12 and 24 months after execution of the order.
Jan 29, 2018
Regulatory Action: CFTC FinalAbout an affiliate: Deutsche Bank AGSanctions: Cease and Desist; Cease and desist, undertakings · Fine: $30.0M · Begun Jan 29, 2018 · Resolved Jan 29, 2018 · Settled · Docket CFTC DOCKET NO. 18-06
The CFTC alleged that Deutsche Bank AG ("DBAG"), by and through the acts of certain precious metals traders, manipulated and attempted to manipulate prices and engaged in spoofing in the precious metals futures markets on various occasions between February 2008 and September 2014. The CFTC alleged that these traders placed orders to buy or sell futures contracts with the intent to cancel the orders before execution, and that such orders manipulated and were intended to manipulate the prices of precious metals futures contracts. The CFTC alleged that, through the acts of one trader, DBAG manipulated the price of precious metals futures contracts and triggered customers' stop-loss orders, allowing that trader to buy precious metals futures contracts at artificially low prices or sell such contracts at artificially high prices. The CFTC also alleged that Deutsche bank securities inc. ("DBSI") failed to diligently supervise in connection with the above referenced conduct.
On January 29, 2018, Deutsche bank, without admitting or denying the findings or conclusions therein, entered into a settlement with the CFTC. The CFTC approved the settlement in its order instituting proceedings pursuant to section 6(c) and (d) of the Commodity Exchange Act, making findings and imposing remedial sanctions, including the following terms and conditions. Deutsche bank agreed to pay a $30,000,000 civil monetary penalty, which was paid on February 2, 2018; to cease and desist from violating certain provisions of the cea and CFTC regulations related to manipulation, spoofing, and supervision; and to comply with undertakings regarding, among other things, maintaining systems and controls reasonably designed to detect spoofing activity, and maintaining training of certain Deutsche bank employees addressing spoofing, manipulation, and attempted manipulation.
May 30, 2017
Regulatory Action: Board of Governors of the Federal Reserve System FinalAbout an affiliate: Deutsche Bank AG, DB USASanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, undertaking · Fine: $41.0M · Begun May 30, 2017 · Resolved May 30, 2017 · Order · Docket 17-009-B-FB,17-009-B-FBR, 17-009-B-HC,17-009-B-SMB,17-009-CMP-FB,17-009-CMP-FBR,17-009-CMP-HC,17-009-CMP-SMB
On May 30, 2017, the Board of Governors of the Federal Reserve, Deutsche bank AG, Deutsche bank AG's New York branch, DB USA corporation, and Deutsche bank trust company america entered into an order pursuant to 12 U.S.C. § 1818(b) and 12 U.S.C. § 1818(I). Specifically, the Board of Governors of the Federal Reserve found that (a) the most recent examination of the BSA/AML program at dbtca and the New York branch conducted by the Federal Reserve bank of New York identified significant deficiencies in dbtca's and the branch's risk management and compliance with BSA/AML requirements that resulted in a violation of the regulatory compliance program requirement, and (b) deficiencies in dbtca's transaction monitoring capabilities prevented dbtca from properly assessing BSA/AML risk for billions of dollars in certain potentially suspicious transactions.
Deutsche bank AG, Deutsche bank AG's New York branch, DB USA corporation, and Deutsche bank trust company america consented to the entry of the order signed on May 30, 2017 by the Board of Governors of the Federal Reserve bank, pursuant to which Deutsche bank (a) committed to pay a civil money penalty of $41 million, which Deutsche bank paid on June 6, 2017; and (b) committed to affirmative obligations including the retention of independent third parties to review dbtca's compliance with applicable BSA/AML requirements and to conduct a transaction review of dbtca's foreign correspondent banking activity from July 1, 2016 to December 31, 2016; and the submission of several distinct written remediation plans and programs targeted at strengthening the bank's compliance, risk management, and monitoring. These obligations have various due dates beginning 30 days after the order was signed.
Apr 20, 2017
Regulatory Action: Board of Governors of the Federal Reserve System FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Civil and Administrative Penalt(ies) /Fine(s); Undertaking · Fine: $19.7M · Begun Apr 20, 2017 · Resolved Apr 20, 2017 · Order · Docket 17-009-B-FB; 17-009-CMP-FB
On April 20, 2017, the Board of Governors of the Federal Reserve System and dbag entered into a consent order pursuant to section 8 of the federal deposit insurance act (12 U.S.C. § 1818) for failure to comply with section 13 of the bank holding company act of 1956 (12 U.S.C. 1851) and the regulations thereunder (the "volcker rule"). Specifically, the Federal Reserve determined that, as a result of the deficiencies identified in the order, dbag had not implemented a compliance program reasonably designed to ensure and monitor compliance with volcker rule requirements and had engaged in unsafe or unsound banking practices and violated provisions of the volcker rule
Dbag consented to the entry of the order on April 20, 2017 by the Federal Reserve, pursuant to which dbag: (a) was required to pay a civil monetary penalty of $19.71 million, which dbag paid on April 20, 2017; and (b) submit (1) a written plan to improve senior management's oversight of dbag's compliance with volcker rule requirements and (2) an enhanced written internal controls and compliance risk management program to comply with the volcker rule, in each case acceptable to the Federal Reserve bank of New York.
Apr 20, 2017
Regulatory Action: Board of Governors of the Federal Reserve System FinalAbout an affiliate: Deutsche Bank AG ("Dbag"),Sanctions: Civil and Administrative Penalt(ies) /Fine(s); Cease and desist, undertaking · Fine: $136.9M · Begun Apr 20, 2017 · Resolved Apr 20, 2017 · Order · Docket 17-008-B-FB; 17-008-CMP-FB; 17-008-B-HC; 17-008-CMP-HC; 17-008-B-FBR; 17-008-CMP-FBR
On April 20, 2017, the Board of Governors of the Federal Reserve System (the "fed"), dbag, DB USA corporation and dbag's New York branch (collectively, "the bank") entered into a consent order. Although the fed acknowledged that the bank "fully cooperated" with the fed and "has made and continues to make progress in implementing enhancements to its firm-wide compliance systems and controls", the fed found that during the review period from October 2008 through October 2013, the bank lacked adequate governance, risk management, compliance and audit policies and procedures to ensure that the bank's foreign exchange activities complied with safe and sound banking practices and applicable internal policies, which prevented the bank from detecting and addressing unsafe and unsound conduct by certain of its FX traders. As a result of this conduct, the fed found that the bank engaged in unsafe and unsound banking practices.
The bank consented to the entry of the order on April 20, 2017 by the fed, pursuant to which the bank: (a) shall pay a civil monetary penalty of $136,950,000, which the bank paid on April 20, 2017; (b) shall submit written plans to improve senior management oversight and the compliance risk management program, an enhanced written internal controls and compliance program, and an enhanced written internal audit program to the fed within 90 days of the order; (c) shall conduct periodic monitoring by senior management, an annual review of compliance policies and procedures and their implementation and an appropriate risk-focused sampling of other key controls, and a firm-wide risk assessment to evaluate current potential conduct risks; (d) for sub-sections b & c, shall adopt and promptly implement the approved plans and programs within 10 days of approval by the fed and thereafter fully comply with them; and (e) shall submit quarterly written progress reports to the fed.
Jan 30, 2017
Regulatory Action: New York State Department of Financial Services" ("DFS") FinalAbout an affiliate: Deutsche Bank AG"Sanctions: Civil and Administrative Penalt(ies) /Fine(s); Undertaking · Fine: $425.0M · Begun Jan 30, 2017 · Resolved Jan 30, 2017 · Order
On January 30, 2017, the New York state department of financial services, dbag and dbag's New York branch entered into a consent order under New York banking law §§ 33, 44 and 44a. Specifically, the DFS found that dbag suffered from serious compliance deficiencies that allowed certain bank traders and offshore entities to improperly and covertly transfer more than $10 billion out of russia, by using the services of Deutsche bank operations in moscow, London and New York to convert rubles into dollars through security trades that had no discernable economic purpose. The DFS found that dbag and dbag's New York branch conducted their banking business in an unsafe and unsound manner, in violation of New York banking law §§ 44, 44a, failed to maintain an effective money laundering program, in violation of 3 N.Y.C.R.R. § 116.2, and failed to maintain and make available true and accurate books, accounts and records reflecting all transactions and actions, in violation of New York banking law § 200c.
Dbag and dbag's New York branch consented to the entry of the order on January 30, 2017 by the DFS, pursuant to which dbag and dbag's New York branch: (a) shall pay a civil monetary penalty of $425 million, which dbag paid on February 3, 2017; and (b) engage an independent monitor within 60 days of the order to conduct a comprehensive review of existing BSA/AML compliance programs, policies and procedures in place at the bank that pertain to or affect activities conducted by or through (a) Deutsche bank trust company americas and (b) dbag's New York branch, recommend corrective actions, and oversee the implementation of corrective actions the DFS deems necessary.
Jan 30, 2017
Regulatory Action: Financial Conduct Authority" ("FCA") FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s); Undertaking · Fine: $163.1M · Begun Jan 30, 2017 · Resolved Jan 30, 2017 · Order
On January 30, 2017, the financial conduct authority ("FCA") entered a final notice under principle 3 (management and control) and senior management arrangements, systems and controls (SYSC) rules 6.1.1 r and 6.3.1 r between January 1, 2012 and December 31, 2015 (the relevant period). Specifically, the FCA found that with respect to dbag, the AML control framework was substantially inadequate, and the risks raised were highlighted by certain trading arranged by Deutsche bank's russia-based subsidiary (DB moscow) and booked to Deutsche bank's trading books in London. The FCA found that the way these trades were conducted in combination with their scale and volume were highly suggestive of financial crime. The FCA found that the suspicious securities trades, which it referred to as "mirror trades," were used by customers of Deutsche bank and DB moscow that were connected to each other to transfer more than usd 6 billion from russia, through Deutsche bank in the UK, to overseas bank accounts. The orders for both sides of the mirror trades were received by DB moscow, which executed both sides at the same time. The FCA found that dbag breached principle 3 and SYSC rules 6.1.1. R and 6.3.1 r in that, during the relevant period, in its corporate banking & securities division business, (1) its "customer due diligence ("CDD") and enhanced due diligence ("EDD") was inadequate in that it failed to obtain sufficient information about its customers to inform the risk assessment process and to provide a basis for transaction monitoring; (2) its culture failed to instill a sense of responsibility in the front office business for the identification and management of non-financial risks, particularly in the London front office, which failed to appreciate that it was ultimately responsible for Deutsche bank's kyc obligations; (3) it used flawed AML customer and country risk rating methodologies which meant that customers were assigned inappropriate risk ratings; (4) its AML policies and procedures were deficient; (5) its AML it infrastructure was inadequate and failed to provide a single authoritative repository of kyc information; (6) it lacked automated AML systems for detecting suspicious trades and lacked an effective system for monitoring money flows associated with transactions; and (7) it failed to provide adequate oversight of trades booked in the UK by the moscow front office as well as other non-UK transactions.
Dbag consented to the entry of the final notice on January 30, 2017 by the FCA, pursuant to which dbag shall pay a civil monetary penalty of £163,076,224, which dbag paid on February 1, 2017.
Jun 3, 2016
Regulatory Action: CME Group FinalAbout an affiliate: Deutsche Bank AG LondonSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $15,000 · Begun Jun 3, 2016 · Resolved Jun 3, 2016 · Decision · Docket CME 15-0242-BC
CME Group alleged that dbag London branch executed an exchange for related position ("EFRP") transaction on June 30, 2015 in which the related position transaction was established and offset without the incurrence of market risk. The transaction was transitory in nature and therefore non-bona fide. As a result, CME alleged that dbag violated exchange rule 538.c.
Without admitting or denying any rule violations, dbag London branch agreed to pay the fine of $15,000.00 which was paid on June 6, 2016.
Mar 4, 2016
Regulatory Action: CME Group FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $60,000 · Begun Mar 4, 2016 · Resolved Mar 4, 2016 · Decision · Docket DECISION -CBOT 14-9808-BC
CME Group alleged Deutsche Bank AG ("Dbag") violated legacy CBOT rules 534 (wash trades prohibited), 538.a (nature of an efrp) and 538.b (related positions). These transactions occurred on June 4, 2013 and August 29, 2013.
Without admitting or denying any rule violations, dbag agreed to pay the fine of $60,000.00 which was paid on March 16, 2016.
Jan 13, 2016
Civil Judicial Action PendingAbout an affiliate: Deutsche BankSanctions: Disgorgement; Money damages · Begun Jan 13, 2016
The milan public prosecutor alleged that Deutsche Bank AG/Deutsche Bank AG London branch ("DB AG") failed to provide adequate management and supervision under italian legislative decree 231 (non-criminal liability) in connection with allegedly unlawful repo transactions between DB AG and banca monte dei paschi di siena ("BMPS") and its subsidiary santorini. The transactions were allegedly intended to hide BMPS losses by allowing BMPS to account for the trades as a financing on an accrual basis, and permitted some BMPS senior management to disseminate false information to the market through the publication of press releases quoting financial data emerging from certain BMPS financial statements.
Mar 3, 2015
Regulatory Action: Intercontinental Exchange Futures U.S. ("Ifus") FinalAbout an affiliate: Deutsche Bank AG ("Dbag")Sanctions: Cease and Desist · Fine: $650,000 · Begun Mar 3, 2015 · Resolved Mar 3, 2015 · Settled · Docket 2011-054
Ifus alleges that Deutsche bank AG may have violated exchange rule 4.06(b) (v) by not maintaining confirmation statements to substantiate the related physical trade in currency exchange for physical transactions in numerous instances between September 2011 and December 2013.
Without admitting or denying the allegations, dbag agreed to pay the fine of $650,000.00 which was paid on March 12, 2015. Dbag agreed to cease and desist from future violations of ifus rule 4.06(b) (v).
May 22, 2012
Regulatory Action: New York Mercantile Exchange ("NYMEX") FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $40,000 · Begun Jun 23, 2011 · Resolved May 22, 2012 · Settled · Docket NYMEX CASE 11-08386-BC
NYMEX alleged that dbag violated NYMEX rule 562 (position limit violations). In that on June 23, 2011, Deutsche bank held a position of 5,761.25 short July 2011 henry hub natural gas lookalike last day financial futures ("JUL11 natgas") contracts, which was 1,261.25 contracts or 28.0% over its exchange approved expiration month hedge exemption level of 4,500 contracts in JUL11 natgas. Furthermore, on June 24, 2011, Deutsche bank increased its JUL11 natgas position to 6,011.25 short JUL11 natgas contracts or 33.6% over its exchange approved expiration month hedge exemption level.
Without admitting or denying the allegations, dbag agreed to the settlement and fine of $40,000.00.
May 2, 2012
Regulatory Action: Swiss Financial Market Supervisory Authority ("Finma") FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $50,000 · Begun Mar 3, 2011 · Resolved May 2, 2012 · Settled · Docket N/A
Finma alleged dbag filed late disclosures on shareholdings in adecco SA on March 26, March 30, and April 13, 2010, and late disclosure of shareholdings in peach property group on November 25, 2010, in violation of art. 20 of stock Exchange Act.
The fine of 50,000 Swiss francs was paid.
Oct 12, 2011
Regulatory Action: ICE U.S. OTC Commodity Markets, LLC FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $20,000 · Begun Oct 12, 2011 · Resolved Oct 12, 2011 · Settled · Docket MATTER NO.
ICE U.S. OTC Commodity Markets, LLC alleged dbag violated ICE OTC rule 1.13 (enforcement of position limits and position accountability levels)by holding both intra-day and inter-day positions in excess of the firm's exempted position limit for July 2011 ICE henry hub LD1 contract between June 23, 2011 and June 24, 2011.
Without admitting or denying the allegations, dbag agreed to the settlement and fine of $20,000.
Mar 22, 2011
Civil Judicial Action FinalAbout an affiliate: Deutsche Bank AGSanctions: Money Damages (Private/Civil Complaint) · Fine: $541,000 · Begun Feb 5, 2010 · Resolved Mar 22, 2011 · Judgment Rendered
The civil division of the federal court of justice of Germany found that Deutsche Bank AG ("DBAG") violated certain advisory duties in providing advice on entering into an interest rate swap agreement (CMS spread ladder swap contract) structured by the bank but not disclosing a conflict of interest.
The amount of $541,000 is in euros plus interest (after deducting interest payments received).
Jun 1, 2009
Regulatory Action: London Stock Exchange (Lse) FinalAbout an affiliate: Deutsche Bank AG (London)Sanctions: Other; Lse, a foreign sro, issued a fine of $25,000 GBP · Fine: $40,000 · Begun Apr 22, 2009 · Resolved Jun 1, 2009 · Settled · Docket N/A
Lse alleged that Deutsche bank AG quoted prices on an ETF that were half the value of that last traded. As a result the ETF was suspended and the closing auction delayed.
DB London acceptd the fine and has proactively developed and implemented a new quoting system with more sophisticated logic to prevent similar violations.
Apr 20, 2009
Regulatory Action: New York Merchantile Exchnge (NYMEX) FinalAbout an affiliate: Deutsche Bank AGSanctions: Civil and Administrative Penalt(ies) /Fine(s) · Fine: $5,000 · Begun Apr 20, 2009 · Resolved Apr 20, 2009 · Other
NYMEX alleged that dbag violated rule 9A.36, in that dbag had a second position limit violation within a 12 month period. Dbag was summarily fined in the amount of $5,000.00, and informed that any further violation in accordance with this rule will automatically result in a hearing before the probable cause committee ("PCC").
Without admitting or denying the allegations dbag paid the fine of $5,000.00 general instructions

Disclosures filed elsewhere

The firm's Form ADV names these and the kind of action only; the details are on the named firm's own filing.

3 criminal disclosures about Deutsche Bank AG ("Dbag")
1 regulatory action disclosure about Deutsche Bank Securities

Form ADV Item 11 and its Disclosure Reporting Pages, via the SEC record. All adviser disciplinary records.

The brochure

No brochure text was read for this firm.

Form ADV Part 2A, via the SEC Investment Adviser Public Disclosure site.

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