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Citibank punished for inefficiency The Financial Services Agency ordered Citibank, N.A. Japan branches to re-evaluate and redevelop their system of governance, internal control and outsourcing following a series of system failures involving transaction processing that affected thousands of individual and corporate customers earlier this year. In May, a computer problem at Citibank branches in Japan botched bank transactions, affecting 97,000 individual customers. Some transactions were double-booked, while others were processed but not reflected in statements.
The Japan Times Weekly: July 22, 2006 |
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