MAS penalises 20 banks for involvement in rate-rigging

monetary-authority-singapore

The Monetary Authority of Singapore (MAS) has disciplined 20 banks after finding that 133 traders had "engaged in several attempts" to rig interbank and foreign exchange benchmarks.

By way of punishment, the MAS is forcing the banks to hold an additional amount of assets at the central bank – interest free – for one year. The amount varies across the banks, although ING Bank, The Royal Bank of Scotland and UBS were the hardest hit and will have to surrender between one and 1.2 billion Singapore

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.