Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

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...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.