Singaporean Toh Hway Khuan, 51, pleaded guilty on Wednesday Jan 18 to 13 charges relating to using the bank's account to get preferential rates on the US dollar in November Toh was said to have traded for US dollars in November at rates unfavourable to his bank - either buying American currency at a rate above the market price, or selling at a price below it.
These were trades the banks would not have authorised. Prosecutor Muhamad Imaduddin sought a three-month jail term to deter those in the financial industry from making personal gains through deceitful means. Toh failed to disclose his beneficial ownership in the trades, and his offenses were difficult to detect, the prosecutor said.Currency Exchange Rate Comparisons - Philippines
The defendant's lawyer Lee Teck Leng sought a asiaone forex rates fine," saying the bank didn't suffer actual losses and there was no market impact from Toh's conduct. The offenses happened around the time of the Monetary Authority of Singapore's review of attempts by banks to rig currency benchmarks asiaone forex rates to The regulator censured 20 banks in and ordered them to improve internal controls.
Probes into the rigging of foreign-exchange markets and interest-rate benchmarks have led to lenders across the globe paying billions of dollars in fines and an overhaul of how such rates are set. More Deals on Qoo We have been experiencing some problems with subscriber log-ins and stock markets and development jovanovic for the inconvenience caused.
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The Straits Times Business Toggle navigation. A former Deutsche Bank foreign-exchange trader faces a possible prison sentence after a Singapore court convicted him of defrauding the company by making false trades.
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