Top
image credit: Unsplash

Deutsche Bank fined $9.8 million by BaFin for control lapses

December 29, 2021

Category:

Germany’s finance watchdog fined Deutsche Bank 8.66 million euros ($9.8 million) over its handling of submissions for Euribor, a reference rate at the heart of a scandal that rocked the industry.

The lender temporarily didn’t have effective systems and controls for contributions to the benchmark, BaFin said in a statement. While BaFin said Deutsche Bank has a right to appeal, the company said it accepts the fine to create “legal certainty.”

Read More on American Banker