Credit Agricole, UOB Broke Currency Rules, Korea Says
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Credit Agricole SA and United Overseas Bank Ltd.’s South Korean branches were penalized for breaching the ceiling for foreign-currency derivatives contracts, the country’s financial regulator said.
The Financial Supervisory Service cut the foreign-currency forward limit at Credit Agricole’s Seoul branch by $260 million for two days after finding the bank’s ceiling was higher than the authority’s requirement by $130 million in October, said Doh Bo Eun, head of foreign-exchange coordination at the agency.