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Deutsche Bank To Pay $16 Mln To Settle Foreign Corruption Charges

Deutsche Bank agreed to pay $16.2 million to settle a US regulator's allegations that it hired relatives of overseas government officials to win business.

The hiring, which lasted from at least 2006 through 2014 in the Asia Pacific-region and Russia, violated US laws including the Foreign Corrupt Practices Act, the U.S. Securities and Exchange Commission said.

The company agreed to pay a $3 million fine and more than $13 million disgorgement and interest.

Separately, Deutsche Bank and the Berliner Philharmoniker said that they will extend their cooperation agreement for a further five years until 2025. The connection has existed since 1989, with this year marking the 30th anniversary.

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