FCPA Violations

Allianz agrees to pay settlement for violating the FCPA

Allianz SE ("Allianz") has agreed to pay USD 12,396,423 to settle charges of violating the US Foreign Corrupt Practices Act ("FCPA"). The FCPA prohibits US persons and companies from bribing foreign officials to obtain business. The SEC brought charges against the German insurer for paying bribes to government officials in Indonesia. In total, the SEC discovered 295 insurance contracts on government projects that Allianz had obtained by paying over USD 650,000 in bribes to Indonesian officials. According to the SEC, the German insurer made more than USD 5,300,000 in profit from these government contracts...

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