Bnp Paribas Arm Fined Over Pounds 1.4m Fraud by Employee ; in Brief

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THE London private banking arm of BNP Paribas was today fined Pounds 350,000 by the Financial Services Authority after a senior employee committed a Pounds 1.4 million fraud using a wealthy client's account.

BNP said the employee, who it would not name pending possible criminal charges, was fired in 2005. The fraud started in 2002 and, after the transfer of Pounds 1.4 million to an account in Singapore, a further 13 fraudulent transactions followed in the next four years. Paribas covered all the potential losses on its client's account and blew the whistle to the FSA. But the watchdog found its procedures were lax, including not needing second signatures on transactions worth more than Pounds 20,000.

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Bnp Paribas Arm Fined Over Pounds 1.4m Fraud by Employee ; in Brief

THE London private banking arm of ...

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