RBS fined over trading irregularities
The Royal Bank of Scotland has been fined £5.6m for failing to properly report almost 45 million trades.
The BBC reports that between November 2007 and February 2013 regulators found mistakes in more than a third of the bank's transactions.
The Financial Conduct Authority (FCA) said the problem was made even worse by the takeover of ABN Amro Bank in 2007.
Mistakes included failing to properly identify the parties in a trade and using the wrong date and prices.
Included in the 44.8 million misreported trades were 804,000 transactions that were not reported at all.
"These failures are particularly concerning because the FCA already provides extensive guidance to firms on how to submit and check these reports, and has taken action against seven firms, including Barclays and Credit Suisse, for similar reporting errors," said Tracey McDermott, the FCA's director of enforcement and financial crime.
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