Deutsche Bank Fined $9.8 Million by BaFin for Control Lapses_老虎社区_美港股上老虎

Deutsche Bank Fined $9.8 Million by BaFin for Control Lapses

Bloomberg2021-12-29

Penalty relates to controls related to Euribor reference rateGermany’s largest lender has faced numerous legal issuesGermany’s finance watchdog fined Deutsche Bank AG 8.66 million euros ($9.8 million)...

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doubleDees
·2021-12-29
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While BaFin said Deutsche Bank has a right to appeal, the company said it accepts the fine to create “legal certainty.”More than a decade after the financial crisis revealed rampant misconduct and deficient controls, banks are still working through remediation measures and regulatory investigations. While comparatively small, the BaFin fine suggests that Deutsche Bank hasn’t fully delivered on pledges it made after facing the industry’s highest penalties in the Libor benchmark-rigging scandal.“It remains a top priority for us to identify and address potential weaknesses in our control processes,” Deutsche Bank said in an emailed statement.Germany’s largest lender faced multiple legal and regulatory headaches in recent years, which have threatened to overshadow the progress it made toward restoring sustainable profitability. 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That tainted the rates and they are being phased out.Deutsche Bank agreed in 2015 to pay $2.5 billion in fines to U.S. and U.K. regulators for attempts to manipulate the benchmark interest rates and said at the time that it was addressing related deficiencies.Deutsche Bank said in relation to the BaFin’s findings that it has already implemented “initial measures” to improve controls in coordination with its supervisors. The bank “has no indication that the fined issue led to incorrect submissions to the benchmark administrator,” it said.On the bank’s domestic German market, BaFin is tightening oversight to repair its image. The watchdog failed to detect the fraud at Wirecard AG, which collapsed in 2020 after revealing that 1.9 billion euros on its accounts was missing and likely never existed. 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