Bank regulators investigations begin
http://www.finextra.com/news/fullstory.aspx?newsitemid=23383
In September UBS revealed that it had discovered a potential loss of $2.3 billion thanks to unauthorised trading by a London-based employee at its investment bank.
The UK’s Financial Services Authority and the Swiss Financial Market Supervisory Authority (Finma) immediately announced an independent investigation into the matter.
The FSA now says it has commenced a formal enforcement investigation against UBS and is in close contact with Finma which has begun its own enforcement action.
Announcements like those above are going to strengthen demand for improved internal and externally influenced processes and procedures, I wonder if we might also see further IT Security services, best practices and tools coming from the increased monitoring by regulatory agencies, combined with further segregation of duties, roles and responsibilities, we’ll have to see. Do check out the article.
No related posts.
Category: News
