The DOJ Deutsche Bank Deferred Prosecution Agreement: What You Need to Know
Deutsche Bank, one of the largest banks in the world, has been in the news recently for its Deferred Prosecution Agreement (DPA) with the U.S. Department of Justice (DOJ). The DPA resolves allegations that the bank violated U.S. anti-bribery laws by making improper payments to foreign officials in order to win business in various countries.
The DPA requires Deutsche Bank to pay $130 million in penalties and to improve its compliance program to prevent future violations. The bank must also cooperate with the DOJ`s ongoing investigations and submit annual reports to the agency.
This is not the first time Deutsche Bank has been in hot water with regulatory authorities. In 2015, the bank agreed to pay $2.5 billion to U.S. and U.K. regulators to settle allegations of rigging the Libor benchmark interest rate. In 2017, the bank agreed to pay $630 million to U.S. and U.K. regulators over allegations of money laundering.
The DPA is significant because it requires Deutsche Bank to make major changes to its compliance program. The bank must create an independent monitor to oversee its anti-bribery and anti-corruption efforts, and it must implement new training and compliance procedures for its employees.
The DPA also sends a message to other companies that the DOJ is serious about enforcing anti-bribery laws. The DOJ has been actively pursuing cases under the Foreign Corrupt Practices Act (FCPA), which prohibits companies from bribing foreign officials to obtain business advantages.
For companies doing business overseas, it`s important to understand the risks and take steps to prevent violations of anti-bribery laws. This includes implementing robust compliance programs, conducting due diligence on business partners and third parties, and providing regular training to employees.
In conclusion, the DOJ Deutsche Bank Deferred Prosecution Agreement is a significant development in the ongoing effort to enforce anti-bribery laws. The DPA sends a message that the DOJ is serious about cracking down on corruption, and it requires Deutsche Bank to make major changes to its compliance program. Companies doing business overseas should take note and take steps to prevent violations of anti-bribery laws.