Transaction reporting (SUP 17) continues to be a problem area for firms.
RBS is the latest big name to be fined (£5.6m after a discount for early settlement, otherwise it would have been £8m) for transaction reporting failures. Previous firms fined for similar failings include Barclays (£2.45m), SocGen (£1.575m) and Credit Suisse (£1.75m).
RBS failed to report over 800,000 transactions, and inaccurately reported 44.8 million transactions, over a 5-6 year period.
As a common source of regulatory issues is when a firm expands too quickly, it will be no surprise to learn that many of the problems arose from inadequate oversight by senior management following the takeover by RBS of ABN Amro.
