- Settlement with US regulators follows three-year corruption investigation
- Bank hired children of Chinese officials to secure Asia-Pacific business
JP Morgan Chase agreed to pay $264m on Wednesday to settle charges that it employed well-connected Chinese “princelings” in order to win business in the Asia-Pacific region.
The settlement with US regulators comes after a three-year investigation into a vast foreign bribery scheme that violated the Foreign Corrupt Practices Act (FCPA). It could be the first of several such deals with Wall Street banks.
Link : JP Morgan Chase to pay 4m over Chinese ‘princelings’ bribery scheme