The German financial watchdog has fined Deutsche Bank for its EURIBOR controls

By Tom Sims and Hans Seidenstuecker

FRANKFURT (Reuters) – German financial regulator BaFin said it had been fined on Wednesday. Deutsche Bank (DE 🙂 8.66 million euros ($ 9.78 million) for controls related to the Euro Interbank Offering Rate (EURIBOR), which seeks to regain its popularity for the nation’s largest lender.

“Sometimes the banks did not put in place an effective system of prevention, control and policy,” BaFin said.

Deutsche Bank said it had accepted the fine and imposed measures to improve controls on EURIBOR, the benchmark rate used in the financial industry.

“Deutsche Bank has not ruled that the issue of the fine led to incorrect shipments to the reference administrator,” the bank said.

The bank has undergone numerous regulatory and legal investigations over the past decade.

In April, BaFin ordered Deutsche Bank to impose more guarantees to prevent money laundering.

With the new leadership, BaFin is also trying to regain its image https://www.reuters.com/business/finance/germanys-new-finance-watchdog-vows-further-supervision-reforms-2021-10-13, hit Wirecard to detect mistakes made before the collapse of the German payment company last year.

($ 1 = $ 0.8853)