StanChart Agrees to $2.35 Million Penalty to Settle Rand Case

Standard Chartered Bank has agreed to pay a penalty of 42.7 million rand ($2.35 million) to settle an eight-year-old probe by South African antitrust regulators focused on the lender’s participation in an alleged cartel to manipulate the value of the rand.

As part of the settlement agreement, Standard Chartered admitted to manipulating the trading of the foreign-currency pair involving the rand and the US dollar, according to a statement from the Competition Commission of South Africa.

“Standard Chartered participated in the manipulation of the US dollar-South African rand currency pair, including division of markets and allocation of customers, a ...