A PYMNTS Company

UK/US: No mercy for banks in forex fines

By  |  November 12, 2014

Regulators in the US and UK announced Wednesday the results of their investigations into allegations that some of the world’s largest financial institutions manipulated the foreign exchange market.

According to reports, five banks were hit with a total of $3.4 billion in penalties from US and UK authorities. Earlier reports accurately predicted billions of dollars in fines.

UBS, HSBC, Citigroup, JPMorgan and RBS were all under investigation by the UK’s Financial Conduct Authority for alleged forex manipulation. The FCA’s investigation into forex manipulation concluded last month after a year in progress.

Switzerland-based UBS was reportedly hit the hardest with a $661 million fine paid to the FCA and the US Commodity and Futures Trading Commission, despite being the first to come forward with evidence of the manipulation.

Swiss regulators have reportedly also sanctioned UBS.

Further, the five banks, along with Bank of America, are aid to be ready to settle the case with the Office of the Comptroller of the Currency.

Full content: Yahoo News

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.