Deutsche Bank was fined $157MM for violating foreign exchange rules and running afoul of the Volcker Rule. The bank likely violated Dodd-Frank rules by trading forex currencies out of its own account.
Another day, another fine for the bank that no matter what, just can’t play by the rules. The consent order requires Deutsche Bank to improve its senior management oversight and controls relating to the firm’s compliance with Volcker rule requirements. The FX violations were discovered during a four-year-old review of dealings at the bank, the Fed said in a consent order reached with Deutsche Bank.