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U.S. CFTC futures regulator details $325 milllion RBS fine in Libor case

Feb 06 2013 Compliance Complete news team

The U.S. Commodity Futures Trading Commission on Wednesday announced it had ordered the Royal Bank of Scotland plc and RBS Securities Japan Limited to pay a $325 million penalty to settle charges of manipulating benchmark interest rates. It said the order brings to more than $1.2 billion the level of penalties on banks for manipulative conduct with respect to the London Interbank Offered Rate (Libor) and other benchmark interest rates The CFTC said that the order brings and settles charges of successful manipulation, attempted manipulation, and false reporting relating to LIBOR for yen and Swiss franc, which are benchmark interest rates critical to financial markets and the public. The Order requires RBS to pay a $325 million civil monetary penalty, cease and desist from further violations as charged, and take specified steps to ensure the integrity and reliability of Libor and other benchmark interest rate submissions, including improving related internal controls. The order found

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