Germany’s financial regulator, BaFin, has appointed a special monitor at Deutsche Bank to oversee the bank’s strategy for addressing customer service problems at its Postbank unit. The special monitor will regularly provide reports to BaFin, allowing the regulator to assess how Deutsche Bank is handling customer service issues at Postbank.
Deutsche Bank’s primary focus will be to ensure timely processing of customer orders and the efficient handling of pending orders. This move comes in response to customer issues that arose at a Postbank unit in September 2023, prompting BaFin to launch an investigation into the matter.
Earlier, BaFin had noted significant disruptions in customer services at the unit, including problems with online and mobile banking, delays in processing various banking transactions (such as account attachments, closures, deposit repayments, and inheritance matters), and limited telephone customer service availability. The regulator aimed to determine whether these issues had regulatory implications.
In a separate development, Deutsche Bank announced a partnership with Taurus in September 2023 to integrate technology and services for global digital asset custody and tokenization solutions. This collaboration aimed to address the growing digital asset market, with custodians adapting to meet the needs of investors and corporations in this space.
In July 2023, Deutsche Bank received a $186 million fine from the US Federal Reserve for its failure to address money-laundering control issues and other related problems identified by the US Central Bank.
By FCCT Editorial Team
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