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UK audit watchdog proposes record $16 million fine for KPMG

Britain’s accounting watchdog has proposed fining KPMG 12.5 million pounds ($16 million) for errors in checking whether BNY Mellon bank was complying with rules for safeguarding client assets.

UK audit watchdog proposes record $16 million fine for KPMG
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The Financial Reporting Council (FRC) said it has asked an independent disciplinary tribunal on Tuesday to levy the fine, a record for the watchdog if confirmed.

Read more at KYC360

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