MBL fined £13m for serious control failures that allowed trader to conceal over 400 fictitious trades

News Financial services Sanctions & Fines

Date: 26th Nov, 2024 Source: Financial Conduct Authority Country: United Kingdom Original Source

Brief

"On 26/11/2024, the Financial Conduct Authority issued an update regarding MBL fined £13m for serious control failures that allowed trader to conceal over 400 fictitious trades. The fine was imposed due to significant weaknesses in MBL's systems and controls, which allowed a junior trader to bypass internal controls for over 20 months, resulting in estimated losses of USD $57.8m."

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MBL fined £13m for serious control failures that allowed trader to conceal over 400 fictitious trades

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MBL fined £13m for serious control failures that allowed trader to conceal over 400 fictitious trades

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