BaFin imposes administrative fine on Deutsche Bank

Wednesday 5 January 2022 11:04 CET | News

Federal Financial Supervisory Authority (BaFin) has imposed an administrative fine of almost EUR 9 million on Deutsche Bank for a breach of the European Benchmarks Regulation (BMR)

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.

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Keywords: BaFin, regulation, Deutsche Bank, banks, fraud prevention
Categories: Banking & Fintech
Companies: BaFin, Deutsche Bank, European Benchmarks Regulation
Countries: Germany
This article is part of category

Banking & Fintech



Deutsche Bank


European Benchmarks Regulation

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