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Bank of Scotland fined GBP45.5 million for failure to reveal Reading fraud

( June 21, 2019, 09:15 GMT | Official Statement) -- MLex Summary: Bank of Scotland has been fined 45.5 million pounds ($58 million) for failing to alert regulators, or the police, to suspicions in 2007 that staff at a branch in Reading, England, had made unauthorized loans to businesses in financial distress, and diverted sale proceeds, leading to serious losses for BOS. The bank should have been open with authorities even if commercial lending is largely outside the scope of UK financial regulation, the Financial Conduct Authority said today.Statement follows. The legal notices are attached. ...

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