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After May’s unusually large internal fraud events, this month’s data showed a return to smaller losses in the ‘Clients, products and business practices’ category. In June, three financial institutions paid penalties or restitution for investments that were tied to risky subprime mortgages and collateralised debt obligations. As the fallout from the US housing crisis continues, more banks could face liabilities for their underwriting standards.
This month, HSBC Ho