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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 Swedish FI.

It is the first time that a bank has been warned twice, according to FI which believes that this is "very serious."

Forex CEO 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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