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.

Continued...

» Register now

The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.

Registration is FREE and allows you to view all content, ask questions, comment and much more.