FSA fines BNP Paribas Private Bank £350,000

BNP Paribas Private Bank has been fined £350,000 for weaknesses in its systems and controls which al...

BNP Paribas Private Bank has been fined £350,000 for weaknesses in its systems and controls which allowed a senior employee to transfer £1.4m out of clients' accounts without permission. This is the first time a private bank has been fined for weaknesses in its anti-fraud systems. The 13 fraudulent transactions were carried out between February 2002 and March 2005 using forged clients' signatures and instructions and by falsifying change of address documents. During its investigation, the FSA found that BNPP Private Bank did not have an effective review process for large transactions, o...