Losses and lawsuits

- Risk Staff
- 01 Jun 2002

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Our regular review of the losses and problems caused for financial firms falling foul of fraud, management failure, human error and other operational hazards, as recorded in the IC2 First Loss Database

RBG fraud case underscores bank diligence failures

A fraud case that surfaced in the US and UK in May implied a remarkable failure of due diligence and know-your-customer policies among a group of highly sophisticated banks.

Three New Jersey-based men who apparently ran a sham metals trading firm

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