The US market regulators have fined Deutsche Bank over charges of violating corruption laws.
The Securities and Exchange Commission (SEC) has accused the largest money lender of Germany of using false books for recording its hirings, which means that the relatives it hired didn’t have to undergo a diligent interview process.
According to the SEC, the bank, which has agreed to pay over $16 million as fine, has violated Foreign Corrupt Practices Act. It hired underqualified relatives of the foreign officials residing in Russia and Asia.
However, in the settlement, the bank has refused the findings, said the SEC.
The SEC further said that Deutsche Bank had since taken huge measures in order to improve its internal accounting record and hiring compliance.
The charges allege that from 2006 to 2014, the bank has hired poorly qualified relatives of foreign executives at its state-owned businesses with a major goal to retain or win business.
In addition to this, the market regulator also discovered that the employees of the bank tried to hide corrupt practices using false records but failed to document related expenses properly, violating the accounting control law.
Notably, Deutsche Bank previously has also been fined with £560 million by British and American regulators over Russian money-laundering scheme.
James Thomson
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