Deutsche Bank Unit Fined $2.5M Over Record-Keeping Issues
Law360 (January 4, 2021, 4:49 PM EST) -- Deutsche Bank Securities Inc. has agreed to pay the Financial Industry Regulatory Authority a $2.5 million fine tied to findings that the brokerage improperly maintained electronic records for nearly two decades in a way that made them "susceptible to alteration."
Between 1998 and 2017, the New York-based brokerage did not have the proper checks in place for its electronic record-keeping system, which it used to store its general ledger, supervisory procedures, customer statements, onboarding documents and customer notices, FINRA said in a settlement order Thursday.
While electronic record-keeping is allowed, Deutsche failed to meet three key requirements: to notify FINRA at...
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