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German finance watchdog fines Deutsche Financial institution for EURIBOR controls By Reuters

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© Reuters. FILE PHOTO: The brand of Germany’s Federal Monetary Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outdoors an workplace constructing of the BaFin in Bonn, Germany, April 15, 2019. REUTERS/Wolfgang Rattay

By Tom Sims and Hans Seidenstuecker

FRANKFURT (Reuters) -The German monetary regulator BaFin on Wednesday mentioned it had fined Deutsche Financial institution (DE:) 8.66 million euros ($9.78 million) for controls associated to the Euro Interbank Provided Charge (EURIBOR), a setback for the nation’s largest lender because it seeks to revive its repute.

“The financial institution at occasions didn’t have in place efficient preventive methods, controls and insurance policies,” BaFin mentioned.

Deutsche Financial institution mentioned it accepted the positive and had applied measures to enhance its controls concerning EURIBOR, a benchmark charge used within the monetary business.

“Deutsche Financial institution has no indication that the fined situation led to incorrect submissions to the benchmark administrator,” the financial institution mentioned.

The financial institution has been the topic of quite a few regulatory and authorized investigations over the previous decade.

In April, BaFin ordered Deutsche Financial institution to enact additional safeguards to stop cash laundering.

Below new management, BaFin has additionally been attempting to revive its picture https://www.reuters.com/enterprise/finance/germanys-new-finance-watchdog-vows-further-supervision-reforms-2021-10-13, which was battered after it failed to identify wrongdoing forward of the collapse final yr of German funds firm Wirecard.

($1 = 0.8853 euros)

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