The special monitor set by the German authority will send reports back regularly, in order for BaFin to investigate the manner in which the financial institution handles the issues and problems that have been reported at its Postbank unit.
Deutsche Bank is expected to focus on ensuring that the orders of customers are processed within a reasonable period of time, while also ensuring that the orders which have not yet been processed will be handled in a fast and secure manner.
At the beginning of September 2023, Deutsche Bank reportedly faced client issues at a Postbank unit, which prompted the German watchdog BaFin to consider investigating the problem further in detail.
The Deutsche Bank AG was confronting a probe released by Germany’s financial supervisor after it unsuccessfully remedied software issues that took place at its retail unit Postbank.
BaFin observed significant disruptions in customer services that happened at the unit, according to the press release published at the time. Furthermore, the German authority was set to investigate whether the issues had any regulatory implications. The disruptions encompassed problems and challenges with online and mobile banking, extended processing times for multiple banking transactions (such as account attachments, account closures, saving deposit repayments, and inheritance matters), as well as limited telephone customer service availability. Deutsche Bank’s recent development
In September 2023, the financial institution announced its partnership with Taurus in order to integrate its technology and services for establishing global digital asset custody and tokenisation solutions.
The collaboration emerged by following an extensive selection procedure during the time Taurus successfully showcased the security and quality of its extensive range of tools and technology. The company focused on assisting the bank in the process of introducing digital assets, as well as DLT-based capabilities across various booking centers.
According to the press release published at the time, as the digital asset space was expected to encompass a large sum of dollars for assets, the companies also were bound to be seen as priorities for investors and corporations alike. Thus, custodians were expected to start adapting in order to meet the needs, preferences, and demands of their clients and customers.
Earlier in July 2023, Deutsche Bank received a USD 186 million fine from the US Federal Reserve for failing to address its money-laundering control issues. The fine was linked to other problems as well, which were previously identified by the US Central Bank.
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