German financial supervision fines Deutsche Bank for controlling EURIBOR According to Reuters


© Reuters. PHOTOGRAPHY: The logo of the German Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is displayed in front of the BaFin office building in Bonn, Germany, April 15, 2019. REUTERS / Wolfgang Rattay

Authors: Tom Sims and Hans Seidenstuecker

FRANKFURT (Reuters) – German financial regulator BaFin said on Wednesday it had fined German bank (DE 🙂 8.66 million euros ($ 9.78 million) for controls related to the interbank offered rate in euros (EURIBOR), which is a setback for the largest lender in the country as it seeks to restore its reputation.

“The bank has not had effective prevention systems, controls and policies from time to time,” BaFin said.

Deutsche Bank said it had accepted the penalty and had taken steps to improve its control over EURIBOR, the reference rate used in the financial industry.

“Deutsche Bank has no indication that the sanctioned problem has led to incorrect submissions to the benchmark administrator,” the bank said.

The bank has been the subject of numerous regulatory and legal investigations over the past decade.

In April, BaFin ordered Deutsche Bank to take further safeguards to prevent money laundering.

Under the new leadership, BaFin is also trying to regain its image, which was beaten after which failed to spot the gaps ahead of last year’s collapse of German payment company Wirecard.

(1 dollar = 0.8853 euros)

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