Private bank fined for lax anti-fraud controls

A private bank has been fined £350,000 by the Financial Services Authority (FSA) after weaknesses in its systems and controls allowed a senior employee to transfer £1.4m out of clients' accounts without permission. Matt Henkes reports.

In the first case where a private bank has been fined for anti-fraud weaknesses, the FSA found that BNP Paribas Private Bank (BNPP) did not have an effective review process for large transactions from clients' accounts.


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