Deutsche Bank fined for employing relatives of Russian officials

Deutsche Bank fined for employing relatives of Russian officials

The bank will have to pay $16 million.

Deutsche Bank will pay more than $16 mln due to a violation of the U.S. Foreign Corrupt Practices Act.

The Securities and Exchange Commission (SEC) has considered it a violation that the bank hired relatives of officials from Russia and China, Reuters reports. At the same time, the rookies did not meet the requirements of the financial institution.

According to the Commission, In 2009-2012, Deutsche Bank employees hired relatives at the request of officials in Russia to receive or retain business or other benefits.

In 2009, a deputy minister, whose name is not reported, asked the bank to hire his daughter; she was later transferred to London. In 2010, the son of the head of a Russian state-owned company also got a position in the bank. He was transferred to London to study, but two months later he was returned back to Moscow, as he did not go to work and passed exams using fraudulent methods.

“Deutsche Bank provided significant support to the SEC during the investigation and took numerous corrective measures to improve recruitment practices,” bank representatives said.

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