17 August 2017
visit www.avoka.com

Japanese regulator slams Citibank for tech glitch

14 July 2006  |  8441 views  |  0 Citigroup

Japan's financial services regulator has ordered Citibank to improve its computer systems following a technical glitch that caused more than a quarter of a million incorrect transactions.

The botch-up occured at the bank's Japanese unit and was caused by an incorrect batch process that occured following the implementation of a new system.

The systems failure resulted in the bank failing to properly credit customers for withdrawals and deposits made between 2 May and 8 May, a period that included a series of public holidays.

The glitch resulted in around 275,000 incorrect transactions. About 200,000 of the transactions were processed but did not appear in statements. The rest of the transactions were recorded in accounts twice by the faulty system.

According to press reports Japan's Financial Services Agency (FSA) has now ordered the bank to improve risk management, internal controls and systems development procedures.

The FSA has ordered Citibank to submit a business improvement plan by 14 August and then, starting in December the bank has to file reports every three months detailing steps taken to improve its operations.
KeywordsLEGAL

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Man-in-the-middle attacks Citi authentication system

Man-in-the-middle attacks Citi authentication system

12 July 2006  |  19214 views  |  0 comments
Citi's Prince hails Web savings success

Citi's Prince hails Web savings success

02 June 2006  |  7996 views  |  0 comments
Citibank Japan hit by systems glitch

Citibank Japan hit by systems glitch

10 May 2006  |  6821 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.dorsum.euvisit www.niceactimize.com

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10219 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9561 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9382 views comments | 8 tweets | 15 linkedin
HSBC automates documentary trade processing with IBMHSBC automates documentary trade processin...
8399 views comments | 6 tweets | 21 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
7879 views comments | 1 tweets | 2 linkedin

Featured job

Find your next job