Diebold, the US headquartered ATM vendor, has agreed to pay $48m to resolve the criminal and civil charges the company become embroiled in throughout China, Indonesia and Russia.

The ATM manufacturer was accused of handing over millions of dollars in bribes to bank officials.

Acting assistant attorney general Mythili Raman said: "In China, Indonesia and Russia, Diebold chose to pay bribes for business and falsify documents to cover its tracks.

"Through its corrupt business practices, Diebold undermined the sense of fair play that is critical for the rule of law to prevail."

Between 2005 and 2010 in China and Indonesia Diebold spent around $1.8 on gifts for influential officials in the banking industry, according to the SEC.

In Russian the vendor allegedly funnelled $1.2m in bribes using phony service contracts to hide and falsely record the payments as legitimate business expenses.

Diebold has agreed to pay $22.9m in disgorgement and prejudgment interest to settle the SEC charges.

It will also pay a fine to settle criminal proceedings, with the Department of Justice agreeing to defer prosecution for three years.

If Diebold abides by the terms of the agreement, the department will dismiss the criminal information.

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