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Deutsche Bank to pay US$16m to settle SEC claims

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Deutsche Bank AG agreed to pay more than US$16 million to resolve US Securities and Exchange Commission claims that the bank failed to prevent employees from violating anti-bribery laws by hiring relatives of government officials in order to win business.

[WASHINGTON] Deutsche Bank AG agreed to pay more than US$16 million to resolve US Securities and Exchange Commission claims that the bank failed to prevent employees from violating anti-bribery laws by hiring relatives of government officials in order to win business.

The hiring in Asia-Pacific region and Russia violated US laws including the Foreign Corrupt Practices Act, the SEC said in a Thursday statement. The Frankfurt-based bank agreed to resolve the allegations without admitting or denying wrongdoing, the SEC said.

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