Telefónica S.A., a major Spanish telecommunications provider, has been fined $85.2 million for violating the Foreign Corrupt Practices Act (FCPA) due to bribery activities involving Venezuelan officials.

The company's subsidiary, Telefónica Venezolana, allegedly paid around $29 million to two suppliers as bribes disguised as commissions to secure preferential access to a currency auction.

As part of an agreement with the U.S. Department of Justice, Telefónica Venezolana will implement significant compliance measures, including hiring a chief compliance officer and enhancing its risk assessment and audit processes.

The preferential treatment allowed Telefónica Venezolana to convert approximately $110 million in Venezuelan bolivars to U.S. dollars in 2014, representing about 65% of the total funds exchanged by the government that year.