(Reuters) - State-backed Royal Bank of Scotland Plc has signed an agreement with the City of London Police to help them with free training and advice on financial crime in a deal to be announced on Monday, the Financial Times reported.
This move follows news last week that the bank set aside 400 million pounds to cover potential fines for manipulating currency markets and warned further charges for past misconduct would continue to hit its profits.
The newspaper reported that officers insist any investigation into the bank will be kept separate from this new venture and that the bank’s employees will not be involved in police operations.
The deal comes as big banks are signalling that a settlement over alleged manipulation of the $5.3 trillion-a-day foreign exchange market is near with regulators in both the United Kingdom and the United States.
Representatives at RBS and City of London police were not immediately available for comment.
Reporting by Shivam Srivastava in Bangalore; Editing by Cynthia Osterman