France’s accounting regulator, the Haut Conseil Du Commissariat aux Comptes,
has criticised the quality of Société Générale’s monitoring systems, saying the
bank should ‘improve’ its methods.
Philippe Séguin, president of the regulator, released a report stating that
there was ‘room for improvement’ in SocGen’s supervisory commission, which
monitors national banks.
The bank is faced with overcoming its losses after a £3.7bn fraud at the
hands of a junior trader who appears to have taken advantage of poor internal
The bank maintained the rogue trader, Jérôme Kerviel, acted alone by using
stolen access codes and falsifying confirmatory trading emails.
‘It will require an effort’ to improve banking controls, Séguin said.
He also acknowledged the challenge is ‘extremely complex, because we are
discovering how far bank fraud can go.’
‘This fell on us just as it fell on Singapore and England a few years’ ago.
We are not alone in facing this challenge,’ he said, in reference to the UK’s
rogue trader Nick Leeson, who lost $1.5 billion at Barings Bank, resulting in
collapse in 1995.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements