Factbox: UBS fined $1.5 billion over Libor
Swiss bank UBS was fined $1.5 billion to settle charges of rigging the Libor benchmark rate, the second biggest fine ever on a global bank and the second big fine over Libor manipulation.
Britain's Barclays was fined $450 million in June for rigging the rate.
Three of the largest four fines ever handed out to banks have been in the last two weeks, showing that authorities are penalizing firms more heavily.
HSBC last week agreed to pay a record $1.92 billion after being accused by U.S. prosecutors of failing to enforce rules designed to prevent money laundering.
The following lists fines imposed on leading banks.
YEAR BANK FINE REASON REGULATOR
(Millions of
dollars)
2012 HSBC 1,920 Money laundering lapses DOJ
2012 UBS 1.500 Libor manipulation
2009 UBS 780 Aiding tax fraud DOJ
2012 StanChart 667 Anti sanctions OFAC/DOJ/MORE
2012 ING 619 Anti sanctions OFAC
2010 Goldman 550 Misleading investors FSA/SEC
2009 C.Suisse 536 Anti sanctions OFAC
2010 ABN Amro 500 Anti sanctions OFAC
2012 Barclays 451 Libor manipulation DOJ/CFTC/FSA
2009 Lloyds 350 Anti sanctions OFAC/DOJ
2010 Barclays 298 Anti sanctions DOJ/OFAC
2012 JP Morgan 297 RMBS offering SEC
2011 Citi 285 Misleading CDO investors SEC
2011 JP Morgan 228 Muni bond rigging SEC
2011 UBS 160 Muni bond rigging SEC
2011 JP Morgan 154 Misleading investors SEC
2010 BofA 150 Disclosing Merrill bonuses SEC
2011 Wachovia 148 Muni bond rigging SEC
2010 BofA 137 Muni bond rigging SEC
2003 JP Morgan 135 Enron SEC
2012 Mizuho 128 Misleading CDO investors SEC
GUIDE TO BANKING SCANDALS:
Libor - The suspected rigging of the London interbank offered rate (Libor), an interest rate used in contracts worth trillions of dollars globally.
Anti sanctions - Illegally hiding transactions with Iran and other countries, violating U.S. sanctions.
Muni-bond-rigging - Conspiring to deceive U.S. cities and towns by operating a scheme to rig bids to invest municipal bond proceeds.
CDO - Collateralized debt obligation tied to the U.S. housing market
RMBS offering - Misleading investors in the sale of risky mortgage bonds or residential mortgage-backed securities.
Enron - JP Morgan was fined for its role in the defunct Enron Corp's manipulation of its financial statements.
Merrill - Bank of America was fined for failing to disclose properly employee bonuses and financial losses at Merrill Lynch before shareholders approved the companies' merger in 2008.
NOTES: DOJ - U.S. Department of Justice
OFAC - U.S. Office of Foreign Assets Control
FSA - UK Financial Services Authority
SEC - U.S. Securities and Exchange Commission
(Reporting by David Cutler, London Editorial Reference Unit)