⁍ The SEC said in a statement that the company’s Mexican subsidiary paid over $4 million in bribes to Mexican government and union officials.

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⁍ The South Carolina-based company agreed to the penalty without admitting or denying guilt.

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⁍ The company agreed to overhaul its internal operations, as well as pay $17.8 million in disgorgement, nearly $2 million in interest, and a $2 million penalty.

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– “Through a lack of adequate internal accounting controls and a culture that undermined its internal audit and compliance functions, World Acceptance Corporation created the perfect environment for illicit activity to occur for nearly a decade.” That’s the SEC’s statement on a $21.7 million fine it levied against the consumer loan company Thursday, Reuters reports. According to the Wall Street Journal, the SEC says World Acceptance’s Mexican subsidiary paid more than $4 million in bribes to Mexican government and union officials in exchange for business lending to government employees. The Journal reports the bribes were funneled into bank accounts and then recorded as legitimate business expenses. World Acceptance will pay $17.8 million in disgorgement, $2 million in interest, and a $2 million penalty. The SEC says the South Carolina-based company’s management “lacked the appropriate tone” on compliance.