Swedish financial service authority penalised Forex Bank and given them a warning
Wednesday, 22 May 2013
Forex Bank in Sweden has been warned and penalised to pay Skr 50
million for failing to handle its financial operations with a failed
financial services organisation
Panaxia. The Swedish Financial Authority, Finansinspektionen (FI) made this knownin a press release (in swedish) out today.
Forex Bank has
not dealt with the risks linked to Panaxia cash management well and
thus its collaboration has been found to be characterized by a total
lack of control and monitoring. Therefore, Forex for the second time be
issues a warning associated with a penalty of Skr50 million.
"Forex lack of
control is particularly serious given that the bank also had a
significant shareholding in the parent company Panaxia AB "writes the
It is the first time that a bank has been warned twice, according to FI which believes that this is "very serious."
Magnus Cavalli-Björkman commented that Forex will not appeal against
the Swedish FSA's decision. "The bankruptcy of Panaxia and deficiencies
that came to light, we have learned a lot from."
According the Forex statement the penalty does not affect the customers and financial stability or the Forex bank.
By Scancomark.com Team
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