WASHINGTON — Bank of America will have to pay over $250 million in civil fines related to manipulating its foreign exchange trading business.

Bank of America was one of several banks investigated and charged by the Office of the Comptroller of the Currency regarding its Forex Trading (as it is called).  The other banks involved include JP Morgan Chase and Citigroup.

Despite the fines, none of the three banks admitted to the charges, nor did they deny them.

Forex Trading has daily volume reaching over $5 trillion.  The Comptroller’s office found wrongdoing and a lack of control at the banks charged.  They also stated that management failed to exercise oversight to ensure employees followed laws and regulations intended to protect consumers and maintain market integrity.