RBS fined and reprimanded by regulator for control failures

Pile Of Coins

Hong Kong's Securities and Futures Commission (SFC) said on Tuesday it reprimanded Royal Bank of Scotland for internal control failures, fining the bank $773,938.

Reuters reports that the SFC said in a statement RBS failed to detect and prevent unauthorized trades in its emerging markets rates business in the city in 2011, following the discovery of unauthorized trades by former trader Shirlina Tsang.

Tsang was sentenced last year to 50 months in jail on Friday after pleading guilty to fraud after was she caught falsifying records of her trades, Reuters previously reported.

To access the complete Reuters article hit the link below:

HK regulator reprimands, fines RBS over emerging-markets rates trade

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