Deutsche Bank Settles FCPA Violations for Hiring Children of State Enterprises

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Thursday, August 29, 2019
Author: 
Bruce Zagaris
Volume: 
35
Issue: 
9
Abstract: 

On August 22, 2019, Deutsche Bank AG agreed to a settlement on enforcement actions with the Securities and Exchange Commission (SEC), complying to pay $16 million in penalties and to take remedial action.[1] The case involves violations of the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act of 1977 (the “FCPA”) by Deutsche Bank.  Between at least 2006 and 2014, Deutsche Bank provided valuable employment to the relatives of foreign government officials in various parts of the world as a personal benefit to the officials in order to improperly influence them to help the bank obtain or retain business or other benefits.