BEFORE YOU GO...
Check how Shufti Pro can verify your customers within secondsRequest Demo
Deutsche Bank, a German investment bank, has agreed to pay the fine of $130 million to settle the charges of hiding corrupt payments and bribes.
Since 2009, the bank has been involved in years of misconduct according to the prosecutors. The bank funneled millions of dollars in bribes and millions related to business development consultants. The German bank has tampered with its record-keeping to misrepresent these expenses. The scheme included the prominent executive members of the banks who conspired to hide the false payments fully knowingly. The U.S act that forbids corrupt foreign practices has regulated the companies from paying bribes overseas. Due to the Deutsche Bank’s violation of the U.S laws, Saudia Arabia, Abu Dhabi, Italy, and China have been spanned.
Last year, a FinCEN investigation revealed that Deutsche Bank has moved millions of dollars for a Ukrainian oligarch who is now charged with the fraud cases. From a report around the world, Deutsche was one of the banks found profited from powerful global players
Other than the charges of bribery, prosecutors have disclosed that Deutsche Bank has committed fraud in tampering with the prices of metals over a long time. The bank has pleaded guilty in the settlement and agreed to pay the fine to avert both bribery and fraud allegations.
Dan Hunter, a Deutsche Bank spokesman said, “We take responsibility for these past actions, which took place between 2008 and 2017, and the bank is determined to put these matters firmly in the past.”
The agreement in the settlement requires the bank to fix the system that eliminates bribery and other wrongdoings. Recently, such types of agreements have become a way to stop banks from being involved in such misconducts. Deutsche Bank has previously been charged with anti-money laundering charges.