Standard Chartered to pay $40m fine for manipulating currencies including the rand
The Competition Commission says it will consider the effect of this on its own investigation into currency manipulation by banks operating in SA
Standard Chartered Bank has reached an agreement with the New York state department of financial services, admitting that it manipulated currencies including the rand. In a statement on Tuesday afternoon, SA's Competition Commission said it "noted" the agreement and that it would consider the effect of the order on its ongoing investigation into currency manipulation by banks operating in SA. The banks being investigated include Standard Bank, Investec, Absa and JPMorgan Chase. In terms of the agreement reached in New York, which has subsequently become a court order, Standard Chartered will pay a fine of $40m (about R536m). It is also required to take remedial action including disciplinary procedures against employees guilty of the contraventions. The agreement was signed on January 29 and lays out the settlement between the two parties as well as the key findings resulting from the department’s investigation into currency manipulation at Standard Chartered Bank. “Standard Chartere...
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