British Regulator Fines UBS $47.6 Million

Britain's financial regulator, the Financial Services Authority, or FSA, has fined Swiss bank $47.6m for failings that led to trader Kweku Adoboli to commit the country's biggest fraud.

Adoboli, 32, was jailed last week for seven years after gambling away $2.3bn of the lender's money.

"UBS's systems and controls were seriously defective," Tracey McDermott, director of enforcement and financial crime at FSA, said on Monday.

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