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NYDFS fines Standard Chartered $40M for attempts to rig FX transactions

Jaclyn Jaeger | February 4, 2019

The New York Department of Financial Services has fined Standard Chartered Bank $40 million for attempting to rig transactions in foreign exchange markets between 2007 and 2013, marking the last in a series of the DFS consent orders that follow a detailed investigation of manipulation in the foreign exchange markets.

The DFS investigation, as well as an internal review by the bank, found that bank traders used a range of illegal tactics to maximize profits or minimize losses at the expense of the bank’s customers or customers at other banks. Under the consent order with the DFS, Standard Chartered admitted that it failed to implement effective controls over its foreign exchange business, which is conducted at its London headquarters and in other global financial centers, including at its New York branch.

“The integrity of the global financial system is compromised when the hunger for profit leads bankers and traders to turn a blind eye to the kind of illicit...

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