German Deutsche Bank Fined 12.5 Million Dollars by US Regulator

Deutsche Bank was fined 12.5 million dollars for illegally disseminating confidential information, a US finance-industry regulator said. 
The fine was for "significant" supervisory failures related to research and trading-related information the company broadcast to its employees, the Financial Industry Regulatory Authority (FINRA) said on its website. 
The statement said that despite numerous warnings about the bank's internal speaker system, known as "squawk boxes," Deutsche Bank failed to establish adequate supervision over access to announcements via the system, or so-called "hoots," according to the German News Agency (dpa). 
"Deutsche Bank's disregard of years of red flags including internal audit findings, risk assessments and compliance recommendations was particularly egregious given the risk that material nonpublic information could be communicated over squawk boxes," FINRA's executive vice president Brad Bennett said. 
Deutsche Bank neither admitted nor denied the charges but said it would adopt a supervisory system regarding hoots, FINRA added. 
Germany's biggest bank has been fined a number of times in the last few years in the US for various infringements of banking rules.