FSA hits BNP Paribas with £350,000 fine

The regulator penalised BNP for a total of 13 fraudulent transactions, which were carried out between February 2002 and March 2005, using forged clients’ signatures and instructions and by falsifying change of address documents. The FSA’s investigation ruled that BNP did not have an effective review process for large transactions, over £10,000, from clients’ accounts. It also found the bank’s procedures were not clear about the role of its senior management in checking significant transfers prior to payment. The regulator said a number of fraudulent transactions were not independently ...