Deutsche Bank AGDB -0.63%A fine of approximately $ 10 million was imposed by German financial regulators on Wednesday for lack of sufficient control over data submission to help set the European interest rate benchmark. Deutsche Bank “has not implemented effective preventive systems, controls, and policies to ensure the integrity and reliability of all provision of input data to administrators,” regulator BaFin said. Deutsche Bank said there were no signs of actually submitting incorrect data and that it is taking steps to improve control. “Identifying and addressing potential weaknesses in our control process remains a top priority,” said a Deutsche Bank spokesman. Like other banks, Deutsche Bank has been accused of raising and lowering rates slightly in order for its employees to benefit their trading positions.

Source: Wall Street Journal January 08, 2022 13:30 UTC