S. African Investigator Open to Settlement in Rand-Rigging Probe

South Africa’s Competition Commission is open to banks willing to cooperate and negotiate a settlement in its currency-fixing probe.

If the case against 11 banks being investigated for rigging the rand reaches “full-on prosecution,” the law prescribes a fine of as much as 10 percent of annual revenue “on the impugned business of the transgressor,” the Pretoria-based regulator said in an e-mailed response to questions on Monday.

JPMorgan Chase & Co., BNP Paribas SA, Citigroup Inc., Barclays Africa Group Ltd., Standard Bank Group Ltd. and Investec Ltd. are among the banks being probed by the commission.

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