Rusnak lessons still unheeded

THE BACK OFFICE

NEW YORK -- Global banks are yet to implement key recommendations to limit rogue trading losses, one year on from John Rusnak’s record $700 million forex fraud. Major issues raised in the wake of the disastrous affair at Allied Irish Banks’ subsidiary Allfirst Financial in February 2002 remain under discussion, said leading bankers and advisory bodies, but few concrete steps have been taken to formalise guidelines or accepted procedures.

Red flagging

Key among the proposals made in AIB’s March

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