Deutsche Bank Suspends Staff for Inappropriate Communication With Singapore's Central Bank

Deutsche Bank has placed a top salesperson on leave for alleged improper communication with the Monetary Authority of Singapore, or MAS, reports the Wall Street Journal.

 

The exact nature of Kai Lew's communication with the MAS is unclear, but she is the first in sales rather than trading to be placed under investigation. Lew is a director of sales at Deutsche Bank in London tasked with handling central-bank clients.

 

After finding Lew's communications with the MAS, Deutsche Bank executives called MAS officials to inform them of their findings, according to the Journal, quoting a person familiar with the matter.

 

The journal says MAS is among a growing list of central banks and regulators that has said it is investigating potential manipulation of the foreign-exchange markets.

 

Central banks rely on real-time intelligence from the financial industry to understand what is happening in the markets, thus communication between bank employees and officials at central banks is common.  

 

However, some banks have started clamping down on that long-standing practice because of the rising global regulatory investigations into currency trading.
 

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