From: RegTech Analyst
Deutsche Bank has agreed to pay $120m in order to settle charges of having violated the Foreign Corrupt Practices Act.
The Securities and Exchange Commission (SEC) said that the $120m included more than $43m million to settle the SEC’s charges.
Deutsche Bank was accused of having engaged foreign officials, their relatives, and their associates as third-party intermediaries, business development consultants and finders to obtain and retain global business.
Moreover, the SEC stated that the lender lacked sufficient internal accounting controls related to the use and payment of such intermediaries, resulting in approximately $7m in bribe payments or payments for unknown, undocumented, or unauthorised services.
“While third parties can assist in legitimate business development activities, it is critical that companies have sufficient internal accounting controls in place to prevent payments to third parties in furtherance of improper purposes,” said Charles Cain, chief of the SEC Enforcement Division’s FCPA Unit.
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