Bank fined after outsourcing faults led to improper money transfers and exposure to financial risk – OUT-LAW.com

Posted December 3rd, 2015 in banking, financial regulation, fines, news by tracey

‘The Prudential Regulatory Authority (PRA) has fined a bank more than £1 million after finding that faults with its outsourcing arrangements helped rogue employees at a third party service provider to move money out of its bank accounts without its knowledge or consent and put the bank’s own financial health at risk.’

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OUT-LAW.com, 2nd December 2015

Source: www.out-law.com