StanChart to pay $40 million for attempted FX manipulation

UK bank says it now has appropriate control framework in place

Standard Chartered London head office
Standard Chartered: DFS says financial system is “compromised” when “hunger for profit” causes bankers to turn a blind eye to misconduct
Can Pac Swire/Flickr

Standard Chartered has agreed to pay $40 million to financial regulators in New York for the attempts made by its traders and salespeople over a five-year period to rig transactions in the currency markets.

The New York Department of Financial Services announced the fine and a consent order on January 29, stating that investigations found StanChart traders used several illegal tactics to either boost the bank’s profits or minimise its losses at clients’ expense.

“The integrity of the global

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