‘Compliance failure’ blamed for AIB debacle

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Allied Irish Banks’ (AIB) announcement that the losses incurred by John Rusnak date back to 1997 reinforced foreign exchange traders’ belief that a compliance failure is responsible for the firm’s trading losses. Traders strongly defended their market practices, saying the fault lay with AIB systems and procedures, an opinion also held by several risk management software vendors that unsuccessfully pitched Allfirst their wares within the last few years.

Rusnak, a former forex trader at

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