Banks see little to learn from AIB control failures

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DUBLIN -- Many banks believe their proprietary currency trading is secure from fraud, despite the risks highlighted by the report on the fraud carried out at Allfirst Bank, the small, US-based unit of Allied Irish Banks (AIB).

Banks around the world reviewed their currency trading controls following the news in February that unauthorised proprietary trading by Allfirst currency dealer John Rusnak had lost AIB, Ireland’s biggest bank, nearly $700 million.

The report on the incident -- which AI

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