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SAP Settles With SEC Over FCPA Violations

The U.S. Securities and Exchange Commission (SEC) recently announced that software manufacturer SAP S.E. (NYSE: SAP) has agreed to give up $3.7 million in sales profits to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) when procuring business in Panama.

The SEC’s order finds that SAP violated the internal controls provisions and the books and records provisions of the FCPA. Without admitting or denying the findings, SAP consented to the entry of the cease-and-desist order and agreed to pay disgorgement of $3.7 million in profits from SAP’s software sales to the Panamanian government plus prejudgment interest of $188,896.

According to an SEC investigation, SAP’s...