Mythili Raman, acting head of the criminal division at the Department of Justice, says prosecutors are pursuing convictions and monetary penalties as they continue to investigate possible manipulation of the London Interbank Offered Rate and other benchmarks. "Banks will be held to account through public admissions of guilt, payment of significant monetary penalties and, as seen with [Royal Bank of Scotland] and UBS, criminal convictions," Raman said. "Banks will be required to remediate their bad behavior, individual targets will be charged and meaningful cooperation from the subject banks will be demanded."

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