MAS penalises 20 banks for involvement in rate-rigging

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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

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