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U.S. SEC fines Deutsche Bank $16 million to settle foreign corruption charges


Added 08-22-19 10:03:01pm EST - “Deutsche Bank has agreed to pay more than $16 million to settle charges that it ...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “U.S. SEC fines Deutsche Bank $16 million to settle foreign...”. Below is an excerpt from the article.

WASHINGTON (Reuters) - Deutsche Bank has agreed to pay more than $16 million to settle charges that it violated U.S. corruption laws by hiring relatives of foreign government officials in order to win or retain business, the U.S. markets regulator said on Thursday.

The Securities and Exchange Commission (SEC) alleged that Germany’s largest lender had hired poorly qualified relatives of foreign officials in Asia and Russia at their request, in violation of the Foreign Corrupt Practices Act.

“Deutsche Bank provided substantial cooperation to the SEC in its inquiry and has implemented numerous remedial measures to improve the bank’s hiring practices,” a Deutsche Bank spokesman said in a statement emailed to Reuters.

The SEC said Deutsche Bank has taken extensive remedial measures to fix its hiring compliance and internal accounting controls.

According to the SEC, between at least 2006 and 2014, Deutsche Bank employed poorly or unqualified relatives of executives working at state-owned enterprises, with the “primary goal” of generating business for the company, such as initial public offerings.

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