Some of the banks that have been censured by the Monetary Authority of Singapore (MAS) for internal control deficiencies said that they will comply with requirements set out by the central bank and supported initiatives to enhance the efficiency of the benchmark rate submission process. A total of 20 banks have been censured by the MAS for various internal controls deficiencies which had enabled some traders to attempt to rig rates. The banking regulatory has ordered them to park up to S$12 billion at zero interest with the central bank as deposit for a year. This comes after concluding its 11-month probe into possible manipulation of interest rates and FX benchmarks. In a statement, the MAS added that 133 traders were found to have “engaged in several attempts to inappropriately influence the benchmarks”. read more: singaporebanker/2013/06/15/mas-has-taken-a-range-of-supervisory-actions-against-banks-for-deficiencies/
Posted on: Sat, 15 Jun 2013 06:59:16 +0000
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