Proven Manipulation, 4 Bank Fined It Rp 78.6 Trillion

Liputan6.com, Washington - Four international banks guilty of the alleged experiments manipulating foreign currency exchange rates. Together with two other banks, four banks fined nearly US $ 6 billion or equivalent to Rp 78.6 trillion (exchange rate: US $ 13 102 per US dollar) in the global investigations in cases involving market worth US $ 5 trillion per day.
Citigroup Inc (CN), JPMorgan Chase & Co (JPM.N), Barclays Plc (BARC.L), UBS AG (UBSG.VX) (UBS.N) and Royal Bank of Scotland Plc (RBS.L) sued the British government and the United States because of the actions of rigging the clients to increase their own profits by using a private chat room and a language code to coordinate trade.
All banks, except UBS pleaded guilty to conspiring to manipulate the exchange rate of the US dollar and the euro on the foreign exchange spot market. UBS pleaded guilty to a different lawsuit.
Bank of America Corp. was fined for avoiding a guilty plea terjadap various action on traders in the private chat room.
"Fines to be paid the entire bank is consistent with the loss of his creation, given the ongoing cooperation actions in the long term with terrible behavior," said US Attorney Loretta Lynch in Washington quoted by Reuters on Thursday (21/05/2015).

The act of cheating that occurred until 2013, after the regulator began penalizing banks deceiving because the reference level global exchange and interest rate deals. All banks have promised to overhaul the corporate culture and improve legal compliance respectively.
Overall, authorities in the US and Europe have fined seven banks more than US $ 10 billion for failing to prevent traders from experimental manipulation of foreign exchange rates used by millions of people every day from trillions of dollars of investment houses to exchange the currency used when tourists vacation.
This investigation is far from complete. Prosecutors were able to bring this case to be more individualized, lifting bank cooperation documents used as part of the agreement. This action is considered to be highly detrimental to the client.
The court's decision on the fine is done because the US Department Keadilas push the main banking unit of Citigroup, Citicorp and parent JPMorgan, Barclays, and Royal Bank of Scotland to plead guilty to US charges.
This is the first time in decades after the parent company of US financial institutions are accused guilty of criminal acts. (Sis / ndw)