Citigroup Fined $5.3 Million in South Africa for Rand Rigging Violations

[kreslik.news]

Citigroup’s South African arm has been ordered to pay more than $5 million to the country’s Competition Commission as a penalty for taking part in a cartel rigging currency quotes for customers who were buying or selling the local currency.

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The world’s largest financial firm is being forced to hand over 10 percent of its annual turnover as part of a settlement over alleged abuses of forex prices quoted to clients for buying and selling currencies, known as a bid-ask spread. This is the ... (read more)