Mastercard’s Vocalink Hit by £11.9mn Fine for Risk Management Failings
- Vocalink, a Mastercard-owned company, has been fined £11.9 million by the Bank of England for failing to comply with risk management requirements.
- Vocalink was directed to improve issues in its risk management and governance framework in 2021.
- Vocalink admitted to its compliance failure early and had the fine reduced from £20 million.
- The Bank's deputy governor stated that Vocalink 'fell short of its obligation', resulting in a significant fine.
11 Articles
11 Articles
BOE Fines Mastercard’s Vocalink £11.9 Million Over Compliance
The Bank of England fined Mastercard Inc.’s Vocalink network £11.9 million ($16.2 million) after it failed to properly address a series of compliance lapses, the first time the central bank has imposed monetary penalties on a financial market infrastructure firm.
Vocalink Fined Over 11 Million Pounds by Bank of England
Vocalink Limited, a payment systems firm owned by Mastercard, was fined 11.9 million pounds by the Bank of England for inadequate risk management and governance. The fine was reduced from 20 million pounds after the company admitted its shortcomings and agreed to a resolution.
Coverage Details
Bias Distribution
- 50% of the sources lean Left
To view factuality data please Upgrade to Premium