Swiss banking major UBS has agreed to pay US regulators a total of $545m in fines for rigging foreign exchange and Libor benchmarks.
UBS said it has not been criminally charged for foreign exchange conduct and the US Department of Justice (DOJ) will also not file any charges concerning its investigations into the firm’s V10 FX-related structured products and its precious metals business.
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However, the Swiss would be required to separately plead guilty to a criminal charge for its prior conduct over the manipulation of the interest rates, including the London interbank offered rate, or Libor, after the Justice Department tore up a 2012 nonprosecution agreement.
The bank, which had already paid out $1.5bn for its role in the Libor scandal, is now under a three year "probation" period with the DOJ.
UBS chairman Axel Weber and group CEO Sergio Ermotti said: "The conduct of a small number of employees was unacceptable and we have taken appropriate disciplinary actions. We made significant investments to strengthen our control framework and compliance programs.
"We self-detected this matter and reported it to the US Department of Justice and other authorities. Our actions demonstrate our determination to pursue a policy of zero tolerance for misconduct and a desire to promote the right culture in our industry."
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