February 20, 2017 / 3:17 PM / 5 months ago

Citi to improve internal systems after pays fine for South Africa forex collusion

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JOHANNESBURG, Feb 20 (Reuters) - Citibank, N.A. South Africa said on Monday it aimed to improve its internal systems and monitoring processes after it agreed to pay a 69.5 million rand ($5 million) penalty for its role in a forex trading cartel.

South Africa's Competition Commission said last week it had found more than a dozen local and foreign banks colluded to coordinate trading in the South African and U.S. currencies. ($1 = 13.0555 rand) (Reporting by Tiisetso Motsoeneng; Writing by Ed Stoddard; Editing by James Macharia)

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