Another four major banks arrange for currency fraud and pay 5.2 billion – nrc.nl

A man at the counter of a branch of Barclays. The British bank is firmly excited for fraud rates, along with four other banks. Photo EPA / Tal Cohen

Economy

After UBS four major international banks have reached a settlement for fraud rates. In addition to the large US banks JPMorgan Chase and Citigroup are also Barclays and Royal Bank of Scotland (RBS), so notify US regulators. Along the banks pay 5.8 billion dollars (5.2 billion euros).

The largest fine for Barclays, paying a total of nearly $ 2.4 billion RMB to different supervisors. The bank arranged including with the US Department of Justice (DOJ) and the Federal Reserve, the US central dome of banks. Even with securities regulators bought Barclays prosecution off.

In addition to Barclays, Citigroup and JPMorgan also confessed guilt. They pay respectively 1.3 billion and nearly $ 900 million and the Fed and the DOJ. Royal Bank of Scotland, which is still largely in the hands of the British state, is struck for 670 million dollars.

Earlier, UBS arranged all

The billion settlement of the four major banks comes just hours after the Swiss UBS announced that it had reached a settlement with US authorities. The bank will pay 545 million euros for fraud rates. The Financial Times this morning already suggested that UBS would not be the only bank.

It is not the first time that the banks pay money for malpractice in the money market. Late last year surpassed the same banks – supplemented by the British HSBC – an arrangement of 2.6 billion pounds (3.6 billion euros). The same banks were also previously involved in fraud with the interest rate Libor.

share confidential customer information

The fraud on the money market is even bigger than the Libor. That fraud was as follows: the merchants of the banks were buying or selling orders from customers and talked with colleagues from other banks down to put a whole bunch of similar orders (for example sell euros for dollars) at the same time

<. p> These agreements they made in chat rooms, where they exchanged confidential information of customers’ orders. By placing such a mega deal they could influence the exchange rate. They placed themselves strategically taking orders based on this knowledge and thus made money at the expense of customers

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Forex

currency fraud