Singapore lenders to face 'significant burden' over MAS censure

Will it really improve internal controls?

In a report by Bloomberg, Lawrence Wong, an acting minister and board member of the city’s central bank, said Singapore’s censure of 20 banks for trying to rig benchmark interest rates will result in a “significant burden” on the lenders.

The Monetary Authority of Singapore last month ordered them to set aside as much as S$12 billion ($9.4 billion) at zero interest, pending steps to improve internal controls. ING Groep NV (INGA), Royal Bank of Scotland Group Plc and UBS AG (UBSN) were among the banks at which 133 traders tried to manipulate the Singapore interbank offered rate, swap offered rates and currency benchmarks in the city-state.

Read full report here.