Citi to pay R69.5m for forex fixing
Citibank NA, the group’s consumer banking arm, was one of 18 banking entities named in the anti-trust regulator’s complaint over forex rigging
The Citi banking group has agreed to pay its fourth fine related to forex rigging after reaching a settlement with the Competition Commission on Monday. Citibank NA, the group’s consumer banking arm, was one of 18 banking entities named in the anti-trust regulator’s complaint to the tribunal, which claimed traders at the banks had rigged the market for the rand-dollar currency pair to maximise profits or avoid losses. Citi has agreed to pay R69.5m for its role in the saga. “Citi is pleased that the matter has been settled,” said Megs Naidu, a spokesman for Citi. “We will continue building upon the changes that we have already made to our systems, controls and monitoring processes. “Fostering a culture of ethical behaviour has been, and continues to be, a top priority for Citi.” It is the fourth fine related to forex rigging for the group. On November 11 2014, Citibank was fined $310m for forex benchmark rigging by the US Commodity Futures Trading Commission, which said Citibank had ...
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