Dhe Deutsche Bank is prepared to pay more than $ 100 million to settle allegations of corruption in the United States, according to a report in the New York Times. The newspaper reported that American investigators accused the bank of violating bribery laws when initiating new business relationships with China, among others.
On request, Deutsche Bank announced on Friday evening that it was unable to comment on the details of the comparisons, but that it was responsible for these events that occurred between 2008 and 2017. This has been “thoroughly examined” and “unreservedly” worked together with the ministry and supervisory authorities. “This shows our will for transparency and our determination to finally leave these issues behind,” said a spokesman.
“As recognized in the comparisons, we have reacted to these processes with considerable improvement measures,” said the bank spokesman. “In the years since these processes have occurred, we have also generally invested more than a billion euros in data processing, technology and controls and improved our training courses and operational processes. We have grown our financial crime team to more than 1,600 worldwide and will continue to invest heavily in technology in 2021 and beyond, particularly in the fight against financial crime. “
The allegations of the American authorities are violations of the anti-corruption law “Foreign Corrupt Practices Act”, with which the United States can pursue allegations of bribery beyond its own borders. Specifically, in the court files on the settlements, a bribe deal in 2010 is mentioned, in which business advantages in Abu Dhabi were to be obtained through intermediaries. At Deutsche Bank, the project was called “Project X” internally.
The second part of the comparison concerns price manipulation by some Deutsche Bank finance professionals in trading precious metal contracts. Among other things, a practice often referred to as “spoofing” is said to have been used, in which purchase orders are only faked on the market in order to manipulate prices.