THE FSA has fined BNP Paribas Private Bank £350,000 for weaknesses in its system and controls that allowed a senior employee to fraudulently transfer £1.4m out of clients' accounts without permission.
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...
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Fine reduced to £60,000