(Image credit: REUTERS)

JP Morgan pays $264m to settle China 'bribery' probe

US bank JP Morgan Chase is to pay $264m (£212m) to settle claims it hired the children of highly placed Chinese officials to gain business in China.
The Department of Justice called the scheme "bribery by any other name" and said it threatened national security.
The Securities and Exchange Commission (SEC) and the Justice Department (DoJ) began an investigation in 2013.
The bank will pay the SEC $130m for violations under the Foreign Corrupt Practices Act.
It is also expected to pay $72m to the US Justice Department and $61.9m to the Federal Reserve Board of Governors.
The Foreign Corrupt Practices Act, which effectively bans US companies from paying foreign government officials to help them secure business, is one of the strictest bribery laws in the world...Read more...

Source: bbc.com