According to The Wall Street Journal, Swiss bank UBS said several authorities launched the investigation into Forex fraud allegations. The bank has received the government inquiry and run internal checks.
The financial institution has stated that its own investigation was launched in July after the publications in mass media about the break of rules on the markets. Since then the Swiss, British and the US regulators have been interested in it.
The bank has underlined that it was cooperating with the government and took all necessary measures regarding its personnel.
Earlier Swiss Financial Market Supervisory Authority (FINMA) said that it examined the activity of several credit organizations which were charged related to interest-rate manipulations. Then particular names of the banks were not announced.
Every day trillions of dollars are rotating on the Forex market. The vast majority of deals are conducted according to fixed-term contracts. The regulators suspect that the banks may get profit by means of different rates for clients’ orders and the rates, which are illegal.
Recently, UBS has been beset with a number of legal and regulatory issues. In particular, the US government proved that the bank had helped US tax dodgers and charged it a multimillion fine. The US continues searches.
