NY Fines Standard Chartered $40M After Forex-Rigging Probe

Law360 (January 29, 2019, 9:05 PM EST) -- New York’s banking regulator said Tuesday that Standard Chartered Bank will pay $40 million to resolve claims that it participated in a scheme to rig foreign exchange benchmark rates, marking the last settlement to come from a long-standing investigation into misconduct and manipulation in the foreign exchange market.

The British multinational bank violated banking laws through the “unsafe, unsound and improper conduct” of traders in its foreign exchange business, New York’s banking regulator says. (AP) The New York State Department of Financial Services said in a consent order that Standard Chartered violated state banking laws through the “unsafe, unsound and improper...

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