FOREX-MARKET RIGGING
Australia and New Zealand Bank to fork out A$3m forex rigging fine
The fine may bolster the Competition Commission’s case in SA
Australia and New Zealand Bank Group (ANZ), which was cited in the Competition Commission’s referral to the Competition Tribunal for foreign-exchange market rigging, has agreed to pay a A$3m fine in Australia for "improper conduct relating to the forex market", which may bolster the commission’s case. But the company has not yet approached the commission, even though the offences detailed in the "enforceable undertaking" with the Australian regulator are similar to those in the commission’s referral. "ANZ has not approached the commission to negotiate settlement," said the head of its cartels division, Makgale Mohlala. The commission has referred 18 banking entities including ANZ, to the tribunal for allegedly breaching the Competition Act. It is not seeking sanctions against three, which include Absa and parent Barclays Plc. Citibank, the consumer banking arm of the Citi group, paid R69.5m to settle the matter. The Australian Securities and Investments Commission, which conducted t...
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