Barclays Pays $6M To End SEC's Foreign Bribery Claims

Law360 (September 27, 2019, 5:48 PM EDT) -- Barclays PLC agreed Friday to pay $6 million in fines and ill-gotten profits for allowing the hire of more than 100 friends and relatives of government officials in Asia between 2009 and 2013, the U.S. Securities and Exchange Commission said.

Barclays lacked adequate internal controls to keep employees from using hires as bribes, the SEC said. Even where there were checks in place, the agency found instances of bankers flouting them by fudging paperwork to conceal that the hires were tied to clients.

Barclays did not admit or deny the allegations in the settlement, the latest in a string of U.S....

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