FINRA fined Deutsche Bank $6 million for submitting inaccurate and late data reports to regulators, making it the largest fine that FINRA has dished out for that violation, according to a spokeswoman.

(Bloomberg News)
(Bloomberg News)

Failures in reporting systems led Deutsche Bank to file data reports that misreported or omitted critical information on more than one million trades, according to FINRA.

The errors occurred from 2008 to 2015 in the bank's submissions of blue sheets, filings that provide regulators key information about securities transactions and which help authorities identify illegal activity or other misconduct.

FINRA says that firms typically have 10 business days to file a blue sheet when the regulator requests it.

Read more: What's behind the record sanctions against Merrill Lynch?

Deutsche Bank, however, has frequently missed deadlines, FINRA says. From January 2014 to August 2015, about 40% of the bank's blue sheets were filed late. FINRA says that the bank's mistakes were particularly egregious last summer, when over 90% of Deutsche Bank's blue sheets failed to meet regulatory deadlines.

"Incomplete and inaccurate blue sheet data compromises our ability to identify individuals engaging in insider trading schemes and other fraudulent activity. Firms must invest the resources necessary to ensure that they are providing complete and accurate blue sheet data whenever requested – without exception," Cameron Funkhouser, head of FINRA's Office of Fraud Detection and Market Intelligence, said.

Deutsche Bank agreed to retain an independent consultant to improve its policies, systems and procedures with regard to blue sheet submissions, according to FINRA.

A spokeswoman for the bank declined to comment on the matter.

According to the disciplinary action filed by FINRA, Deutsche Bank neither admitted nor denied the charges, but consented to the entry of the regulator's findings.