FX Rigging Probe Re-Emerges in South Africa as Regulator Seeks Fines

[kreslik.news]

South Africa is stepping up its forex rigging probe, more than two years after Western financial watchdogs issued multi-billion dollar fines to global banks. The SA Competition Commission today said it concluded an investigation into whether banks took part in a cartel to rig currency quotes for customers who were buying or selling its local currency.

Banks including Citigroup, Nomura and Standard Bank, among others, are to pay fines equal to 10 percent of their annual revenues, the regulator recommends. The move signals that South Africa’s watchdog may be gearing up to open settlement although it did not indicate whether the fines ... (read more)