Bloomberg reports that a settlement has been reached after the U.S. Department of Justice investigated indications that
[...] JPMorgan employees at the bank's Hong Kong subsidiary sought to maximize profits by providing jobs and internships to children of individuals it hoped to do business with.
The settlement provides that the bank will pay around $264 million, and that the investigation will be ended with no prosecution.
"[A]t least five other" undisclosed banks are under investigation for possible violations of the Foreign Corrupt Practices Act.
(Score: 2) by n1 on Friday November 18 2016, @05:55PM
If you can't 'do business' in another country without violating laws and regulations where your business is legally based, then perhaps you shouldn't do business with those countries.
There are plenty of cultural variations on business norms around the world, and if you're operating in another country, you should respect that, but you also don't get to pick and choose what parts of the industry regulation and laws you follow depending on what's most profitable/easiest at the moment.
JP Morgan could start up operating in North Korea, Iran, Zimbabwe, Cuba, Sudan etc (they probably already are in some) and hey, it doesn't matter what they do, as long as it's in-keeping with the local business customs and laws, right?