Singapore news: Deutsche Bank employee suspended as exchange rate manipulation probe continues

Reuters reports thatA Deutsche Bank employee responsible for its foreign exchange business with central banks was suspended because the bank identified potentially inappropriate communication with the Monetary Authority of Singapore, a source familiar with the matter said on Thursday.”

“She is one of more than 30 employees at some of the world’s biggest banks to have been placed on leave, suspended or fired in the course of the continuing investigation by regulators into alleged manipulation of key exchange rates.”

According to the article, Deutsche Bank is cooperating with investigations by regulatory authorities.

The Wall Street Journal adds that the Monetary Authority of Singapore (MAS) is also “ready to assist” with the currency manipulation probe. Neither article has much more detail on the specific reasons for the employee’s suspension; it is quite intriguing that the inappropriate communication was with the Monetary Authority. (Isn’t that a bit like saying “An employee at a shoe store was suspended for inappropriate communication with the police?”)

Authorities in Switzerland, Hong Kong, the US and the UK are investigating possible collusion in setting exchange rates by traders at a group of banks which includes Barclays, JP Morgan, Citygroup, UBS, RBS, Zürcher Kantonalbank, Credit Suisse and Julius Baer in addition to Deutsche Bank.

Singapore is ranked 5th on the Financial Secrecy Index


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