Deutsche Bank has agreed to pay a $3 million ($23.8 million in Hong Kong Dollars) fine and has returned $5 million (HKD$39 million) in fee overcharges to customers as part of a resolution with Hong Kong’s financial services regulator.

Hong Kong’s Securities and Futures Commission (SFC) announced the fine and “reprimand” against Deutsche Bank AG in an Aug. 28 press release. The SFC found that Deutsche Bank overcharged clients on management fees, incorrectly assigned product risk ratings, and failed to disclose investment banking relationships in research reports.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...