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Banks fined more than £2bn over Forex rigging scandal

Regulators in the UK and US have fined banks more than £2 billion over the foreign exchange (Forex) rigging scandal.

The Financial Conduct Authority said it was imposing the fines for "failing to control business practices in their G10 spot foreign exchange".

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US regulator imposes £879 million fine on five banks

The US Commodity Futures Trading Commission has imposed fines totalling $1.4 billion (£879 million) on five banks over the Forex rigging scandal.

The penalties on the banks were issued as follows:

  • Citibank - $310 million
  • JPMorgan - $310 million
  • RBS - $290 million
  • UBS - $290 million
  • HSBC - $275 million

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