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Deutsche Bank Seoul branch referred to prosecution

The Korean unit of Deutsche Bank AG may be placed under prosecutors’ investigation for business irregularities, according to the Financial Supervisory Service.

An FSS official said the regulator, in consultation with the Financial Services Commission, referred the financial firm Thursday to the prosecution for breaching the laws on financial investment, issuing an “institutional warning” against the Seoul branch and reprimanding its branch manager and eight other employees.

The Deutsche Bank Seoul branch violated the law by leaking 423 transaction records with 34 financial firms to its affiliates without garnering consent from its customers between February 2009 and July 2012, said the official.

He also said the branch was found to have engaged in unauthorized businesses including trading gold as a broker for the past two years, which is against the nation’s banking laws.

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