BNP Paribas faces $246m high-quality in forex scandal

BNP Paribas bank

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BNP Paribas pays $246m in fines to the US Federal Reserve

The US central financial institution has fined BNP Paribas $246m (£189m), the most recent punishment in a forex rigging scandal that has led to billions in fines on each side of the Atlantic.

Authorities say merchants at completely different companies used on-line chat rooms to share details about forex bids with out ample oversight from their banks.

The Federal Reserve alone has issued greater than $2bn in fines towards seven banks tied to the scandal.

Instances towards merchants are ongoing.

The scandal has touched banks that embody Barclays, the Royal Financial institution of Scotland, Deutsche Financial institution, UBS and JP Morgan Chase. It had resulted in billions in fines levied by numerous regulators associated to manipulation of forex markets.

BNP Paribas in May additionally mentioned it might pay New York regulators $350m to resolve points regarding oversight of its international international alternate enterprise.

“BNP Paribas deeply regrets the previous misconduct which was a transparent breach of the excessive requirements on which the Group operates,” the financial institution said in a statement after the settlement was introduced on Monday.

Jason Katz, a former BNP Paribas dealer, in January pleaded responsible – the primary particular person to take action – to violating US competitors legal guidelines whereas conspiring over the US and South African Rand in January.

Three former London-based merchants on Monday pleaded not responsible to charges that they conspired to rig the costs on the international forex market.

The case, regarding actions that occurred roughly between 2007 and 2013, is being tried in New York.

In March 2016 the UK’s Severe Fraud Workplace (SFO) closed its prison investigation into allegations of price-rigging within the international alternate market.