Deutsche Bank Tried to Manoeuvre Around Compliance Officers and Paid the Price
The scandal-ridden German bank agreed Aug. 22 to pay the U.S. Securities and Exchange Commission $16 million for violating the Foreign Corrupt Practices Act with the hires. It is one of several banks that had been caught hiring officials' relatives to gain business.
August 28, 2019 at 05:28 PM
4 minute read
The original version of this story was published on Corporate Counsel
Once again, ignoring compliance officers has cost one company dearly. Detailed government documents describe how senior Deutsche Bank managers ignored, went around and pushed through compliance efforts in order to hire relatives of foreign officials and obtain lucrative deals.
The scandal-ridden German bank agreed on August 22 to pay the U.S. Securities and Exchange Commission $16 million for violating the Foreign Corrupt Practices Act with the hires. It is one of several banks that had been caught hiring officials' relatives to gain business.
JPMorgan Chase & Co. agreed to pay $264 million in 2016 to settle allegations of hiring "princelings" in Asia, and Credit Suisse agreed to pay $77 million in 2018. Several other banks remain under investigation.
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