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GRC Professional : GRC Summer 2013
11 UBS pays Swiss bank UBS has agreed to pay $US1.5 billion in fines for trying to manipulate Libor, a key interest rate that affects bor rowers around the world. The fine, which will also see two former traders charged with conspiracy in the US, is triple the amount British bank Barclays PLC agreed to pay to settle similar charges. HSBC pays British bank HSBC has agreed to pay $1.9 billion to settle a New York-based probe in connection with the laundering of money from narcotics traffickers in Mexico. At least $881 million in drug trafficking proceeds was laundered through HSBC Bank USA, violating the Bank Secrecy Act. Foreclosure penalty Ten major US banks, including JPMorgan Chase, Bank of America and Wells Fargo have agreed to pay US$8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes. On another front Bank of America is to pay US$10.3 billion to government- backed mortgage financier Fannie Mae to settle claims related to soured mortgages. Rolls-Royce bribery probe Rolls-Royce has appointed lawyer Lord David Gold to lead a review of its compliance procedures following concerns raised by the engine manufacturer with the UK Serious Fraud Office about alleged bribery in China a nd Indonesia, involving the purchase of Trent 700 aircraft engines. OVERSEAS
GRC Spring 2012
GRC Autumn 2013