28 December 2021, Germany’s federal financial watchdog BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) hit Deutsche Bank with an administrative fine over lack of preventive systems, controls and policies as defined in the Article 16 (2) (a) of the European Benchmarks Regulation (Regulation EU).
The penalty was imposed over the bank’s failure to prevent manipulation of EURIBOR, the Euro Interbank Offered Rate benchmark. Deutsche Bank is a supervised contributor to the EURIBOR, giving data for determining the benchmarks.
Deutsche Bank, has accepted the fine and said to put in place measures to improve its controls.
