Standard Chartered Pleads Guilty to Manipulating the Rand

The Competition Commission of South Africa
The Competition Commission of South Africa
Publication Date:
5 February 2019
South Africa, Banking and Insurance, Company News, Legal and Judicial Affairs, Stock Markets, United States, Canada and Africa

British multinational banking and financial services company Standard Chartered has pleaded guilty to manipulating currencies, including the rand, between 2007 and 2013. In this statement, The Competition Commission of South Africa says it has noted a consent agreement, which subsequently became a court order, between Standard Chartered Bank and New York State Department of Financial Service (DFS). The bank has reached a consent to pay U.S.$40 million (about R530 million) to the DFS, the statement reads.

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