Telefónica S.A.'s subsidiary, Telefónica Venezolana, has been fined $85.2 million for violating the Foreign Corrupt Practices Act by bribing Venezuelan officials to secure favorable access to a currency auction. The company will implement compliance measures, including hiring a chief compliance officer and enhancing audit processes, as part of a deferred prosecution agreement with the U.S. Department of Justice. In 2014, these actions allowed Telefónica Venezolana to convert approximately $110 million in bolivars to U.S. dollars, representing 65% of the total currency exchanges permitted by the Venezuelan government that year.
