The head of information technology at German financial services regulator, Bündesanstalt fur Finanzdienstleistungsaufsicht, has reportedly confessed to taking roughly €2.6m ($3.2m) in bribes. He faces being jailed for up to 10 years.

Bloomberg reports that the BaFin employee and a friend allegedly set up a consulting company that has received roughly €7.6m in orders since 2003. It cites Bonn prosecutor Friedrich Apostel.