Reported about 7 hours ago
The UK's Financial Conduct Authority has fined Australia's Macquarie Bank $16 million due to an employee's fraudulent activity involving over 400 fictitious trades, which resulted in an estimated loss of $57.8 million for the bank. The violations occurred over a period of 20 months and allowed the employee to evade internal controls. Although the bank reported the incident themselves and claimed it did not impact clients or the broader market, they were penalized for not addressing systemic issues in a timely manner.
Source: YAHOO