Deutsche Bank was recently found having employed family members of Russian and Chinese officials. It violated the U.S. Foreign Corrupt Practices Act and as such will have to pay a hefty fine of $16 Million USD.
According to the Securities and Exchange Commission (SEC), Deutsche Bank hired relatives at the request of officials in Russia to receive or retain business or other benefits between 2009 – 2012.
A deputy minister, name not reported, asked the bank to hire his daughter and she was later transferred to London in 2009. In 2010, the son of the head of a Russian state-owned company also got a position in the bank. He was also transferred to London, however after two months he was sent back to Moscow, due to these fraudulent methods, as he never went to work.
The violations keep coming for these banks, as similarly there’s also been links of Kushner and Deutsche Bank in a money laundering probe.