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 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.
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