Goldman Sachs agrees to pay $110M to settle forex probe

May 1, 2018 GMT

NEW YORK (AP) — Goldman Sachs Group has agreed to pay over $110 million to settle allegations that its foreign exchange traders engaged in improper conduct.

Officials say Goldman traders participated in chat rooms, sometimes using code names, to discreetly share confidential customer information with other global bank traders to affect foreign exchange prices. They say the unlawful conduct happened from 2008 to early 2013.

The firm must pay roughly $55 million each to the New York State Department of Financial Services and the Federal Reserve Board.

As part of the settlement announced Tuesday, Goldman must provide regulators with enhanced written internal controls and an acceptable compliance program.

Goldman Sachs says it’s pleased the matter is resolved. The bank says it has already taken significant steps to enhance its policies and procedures.