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KPMG fined over misconduct on audit of Bank of New York Mellon Corp

The Financial Reporting Council of the UK decided to fine the firm with £3.5 Million and the Partner Richard Hinton with £75000.

Both fined parties saw their initial amount reduced after accepting the misconduct.

In the ruling it was mentioned that fundamental concepts and rules were not present in the audit report.

Source

https://www.bloomberg.com/news/articles/2019-08-01/kpmg-u-k-fines-top-16-million-in-2019-amid-industry-crackdown

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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