Ethics and governance in the European Financial centers

The Financial Services Authority (FSA) has last week fined BNP Paribas Private Bank (BNPP Private Bank) £350,000 for weaknesses in its systems and controls which allowed a senior employee to fraudulently transfer £1.4 million out of clients' accounts without permission.

As Margaret Cole, who is FSA Director of Enforcement, said "This is a warning to other firms that we are raising our game in this area and expect them to follow suit"

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