South Africa’s Competition Commission has reached an agreement with Citibank N.A. for its role in a forex trading cartel, the anti-trust watchdog said on Monday.

The Commission said in a statement Citi would pay a fine of 69.5 million rand ($5 million), less than the 10 percent of South African annual turnover that it said banks would pay because it “undertook to cooperate with the Commission.”

($1 = 13.0565 rand)

(Reporting by Ed Stoddard; Editing by James Macharia)