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Brazil Watchdog Fines Citibank, Société Générale For Currency Manipulation

 |  June 23, 2022

Brazil’s antitrust watchdog said on Wednesday it will fine the Brazilian units of Citibank and Société Générale for exchange rate manipulation.

Citibank has committed to pay 71.6 million reais ($13.78 million) and Société will pay 5.57 million reais ($1.07 million) in fines, the watchdog Cade said.

Cade said there was evidence dating back to 2016 of the banks price fixing their currency spreads, and coordinating the purchase and sale of currencies involving the Brazilian real.

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