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US: First Forex fines coming soon

 |  June 24, 2014

Federal authorities are preparing to issue sanctions against banks for participating in an alleged foreign exchange benchmark rigging scandal, and fines could come as early as this year, according to reports.

An unnamed source told reporters this week that several individuals and firms could face fines before the end of the year by the US Department of Justice. If true, the sanctions would place the US at ahead of the forex manipulation crackdown, reports say.

More than one dozen regulators across the globe are currently investigating possible forex rate manipulation. The UK Financial Conduct Authority, which was the first to launch an investigation, said it will not likely close the probe before the end of the year.

Both the DOJ and FCA declined to comment on the matter.

Last week, two more unnamed sources said the DOJ is interviewing traders and clients in relation to the probe.

Full content: Bloomberg

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