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Barclays reaches a resolution with the SEC over FCPA violations in Asia

On 27 September 2019, London-based multinational investment bank and financial services company Barclays reached a resolution with the SEC over FCPA violations stemming from its practice of relationship hiring in Asia.

Between 2009 and 2013, businesses within Barclays Asia Pacific Region (“APAC”), including in South Korea and Hong Kong, hired 117 candidates connected to or referred by local government officials and non-government clients, expecting to gain or retain businesses for the bank. The bank made hiring decisions based on the importance of the clients, the possibility of deepening business relationship, retaining and obtaining business, while information has been withheld and records falsified to disguise the candidates’ identities and affiliations with officials and clients. The SEC issued a consensual cease-and-desist order against Barclays requiring the company to pay a total of USD 6’308’726, among them USD 1’500’000 as a civil penalty.

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