Forex fraud now it sgetting serious

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Forex fraud now it sgetting seriousForex fraud: Now it's getting serious

A new foreign exchange probe is zeroing in on individuals

The U. K. launched a wide-reaching criminal investigation Monday to catch people who may have manipulated the foreign exchange market.

Financial regulators around the world have been looking into the issue, with internal and external probes involving UBS ( UBS ). Deutsche Bank ( DB ). Barclays ( BCS ) and the Royal Bank of Scotland ( RBS ). among others.

The new investigation by the U. K. Serious Fraud Office is specifically focusing on individuals working in banks and financial institutions, and is being conducted in partnership with the U. S. Department of Justice.

In March, an employee of England's central bank was suspended in connection with the possible manipulation of the global currency market.

The Bank of England suggested the employee may not have followed its "rigorous internal control processes," however, it said an internal investigation had not turned up any wrongdoing.

Forex scandal: What you need to know