Deutsche Bank AG is facing criticism from regulators over its weak reporting systems and risk controls, the Wall Street Journal reported. The report cited an agreement between Deutsche and the Federal Reserve Bank of New York and New York's Department of Financial Services to fix the deficiencies, the newspaper cited sources familiar with the matter. The memorandum of understanding orders Deutsche to overhaul its technology and compliance procedures, fix risk-management deficiencies, sources familiar with the agreement told the Journal. Deutsche is also being pressed by the Commodity Futures Trading Commission to improve its internal systems. The swaps and futures regulator wants the bank to fix the systems it uses for transactions reporting because reporting errors pose a risk to the bank and its trading partners, the journal said. The MOU and the warning from the CFTC highlight the challenges that Deutsche faces in addressing the concerns of regulators. The MOU was
↧