Large banks will pay heavy fines: American Citigroup and JP Morgan, British RBS and Barclays, Japanese Mitsubishi UFG are accused of fraud in the foreign exchange market and will have to pay a billion euros for this.

The European Commission Fined Five Banks for a Billion; The European Union’s banking competition watchdog imposed heavy fines on five major banks. American Citigroup and JP Morgan, British Royal Bank of Scotland (RBS) and Barclays, Japanese Mitsubishi UFG are required to pay a total of 1.07 billion euros, Deutsche Welle reports , citing the European Commission.

The mentioned organizations are accused of cartel conspiracy for fraud with currency quotes. According to the supervisory agencies, their representatives exchanged confidential information and plans of action in private chats and coordinated their strategies from time to time – for example, in relation to the exchange of euros, US dollars and Swiss francs.

DW notes that there was another participant – the Swiss bank UBS. But he was released from the fine, as the management of this bank itself reported illegal agreements.

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