As a supervised contributor of data used in the determination of the Euro Interbank Offered Rate (Euribor), BaFin says Deutsche Bank at times did not have effective preventative systems, controls, and policies in place within the meaning of Article 16 of BMR, which covers governance and control requirements for supervised contributors.
Introduced in 2016, the regulation requires benchmark index providers to ensure the accuracy and integrity of benchmarks across the EU and aims to prevent manipulation. Breaches can be punished by imposition of a fine.
Earlier in 2021, BaFin has ordered Deutsche Bank to implement additional safeguards to prevent money laundering.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.