Updated March 19th, 2024 at 01:28 IST

Deutsche Bank slapped with €50,000 fine by German regulator

The penalty pertains to the dissemination of false information concerning a significant IT security breach in its payment services during 2023.

Reported by: Business Desk
Deutsche Bank | Image:Deutsche Bank
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Deutsche Bank fined: Germany's federal financial supervisory authority BaFin declared on Monday that it had levied a fine of 50,000 euros ($54,340) on Deutsche Bank.

The penalty pertains to the dissemination of false information concerning a significant IT security breach in its payment services during 2023. BaFin also criticised Deutsche Bank for the substantial delay in informing the regulatory authorities about the incident.

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Internal process adjustment

A spokesperson for Deutsche Bank acknowledged the fine imposed by BaFin, acknowledging that it stemmed from the improper reporting of the IT incident that occurred in June 2023. The spokesperson stressed that the issue was swiftly addressed and resolved within a very short timeframe. Furthermore, they stated that the bank promptly adjusted its internal processes to prevent the recurrence of such IT incidents.

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

(With Reuters Inputs)

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Published March 19th, 2024 at 01:28 IST