Bafin verhängt Geldbuße: Millionenstrafe gegen Deutsche Bank wegen Postbank-IT-Pannen

The German financial regulator, Bafin, has imposed an eight million euro fine on Deutsche Bank due to issues arising from the migration of Postbank customers onto a shared IT platform in 2023. The financial supervision authority explained that Deutsche Bank had failed to take "adequate organizational measures" to promptly address the surge in customer complaints stemming from the migration of customer data.

Additionally, the bank was found to have delayed the execution of transfer orders for deposit accounts. Numerous customer complaints began surfacing around Easter 2022, with the Deutsche Bank amalgamating data from twelve million Postbank customers and seven million Deutsche Bank customers onto a single platform, known as the "Project Unity."

During the IT transition, customer complaints mounted, particularly around the second wave of data transfer around New Year's Eve 2022/2023, affecting share depots among other issues. Bafin had previously criticized Deutsche Bank for "significant impairments in the handling of customer business during Postbank" and appointed a special envoy to ensure the bank resolved the issues.

Deutsche Bank has since improved its processes, according to a spokesperson for the Frankfurt-based Dax company when asked. The bank accepts the Bafin's decision.