Losses and lawsuits
Our monthly review of fraud management failure, human error and other operational hazards at financial firms around the world, distilled from the First database of operational risk loss events and case studies
CITIGROUP
Japan’s Financial Services Agency (FSA) ordered Citibank’s Tokyo branch on June 11 to improve its security measures and internal controls, after backup data containing 123,690 consolidated customer statement files were lost en route to the bank’s data centre in Singapore. The regulator cited a litany of failings in what it called a “serious incident”. The missing statements
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