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JP Morgan pays 264m to settle China 'bribery' probe
Source: BBC
JP Morgan pays $264m to settle China 'bribery' probe
17 November 2016
US bank JP Morgan Chase is to pay $264m (£212m) to settle claims it hired the children of highly placed Chinese officials to gain business in China.
The Department of Justice called the scheme "bribery by any other name" and said it threatened national security.
The Securities and Exchange Commission (SEC) and the Justice Department (DoJ) began an investigation in 2013.
The bank will pay the SEC $130m for violations under the Foreign Corrupt Practices Act.
It is also expected to pay $72m to the US Justice Department and $61.9m to the Federal Reserve Board of Governors.
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17 November 2016
US bank JP Morgan Chase is to pay $264m (£212m) to settle claims it hired the children of highly placed Chinese officials to gain business in China.
The Department of Justice called the scheme "bribery by any other name" and said it threatened national security.
The Securities and Exchange Commission (SEC) and the Justice Department (DoJ) began an investigation in 2013.
The bank will pay the SEC $130m for violations under the Foreign Corrupt Practices Act.
It is also expected to pay $72m to the US Justice Department and $61.9m to the Federal Reserve Board of Governors.
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Read more: http://www.bbc.com/news/business-38013723