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Forex Scandal Hits Singapore Central Bank

City A.M. (UK)
Friday April 11, 2014 7:25 PM

A SUSPENDED Deutsche Bank trader may have had inappropriate links to the Monetary Authority of Singapore (MAS), it emerged yesterday.

London-based sales director Kai Lew was put on leave last month as part of the bank's internal probe into alleged foreign exchange benchmark manipulation.

The action was taken because she had communicated improperly with MAS, the Wall Street Journal reported yesterday.

The revelation means Singapore's central bank joins the Bank of England in having links with the emerging scandal.

One staff member at the Bank of England has been suspended.

The Bank of England worker is not thought to have condoned or encouraged any wrongdoing, but is believed to have failed to pass important information up to more senior staff.

Deutsche Bank declined to comment.

Banks and regulators are looking into claims traders sought to manipulate a forex benchmark, a price at which clients would buy currency from them.

So far more than 25 staff at banks have been suspended or fired.

(c) 2014 City A.M.




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