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Bank of England fines Vocalink more than $16 million for compliance failure
Published by Global Banking & Finance Review®
Posted on July 9, 2025
1 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on July 9, 2025
1 min readLast updated: January 23, 2026
The Bank of England fined Vocalink $16M for compliance failures in risk management. The fine was reduced from 20 million pounds after early admission.
LONDON (Reuters) -The Bank of England said on Wednesday it had fined payment systems firm Vocalink Limited 11.9 million pounds ($16.19 million) for falling short of its obligation to have adequate risk management and governance arrangements.
Owned by U.S. payment processor Mastercard, Vocalink designs, builds and operates bank account-based payment systems in Britain, processing over 90% of salaries, more than 70% of household bills and 98% of state benefits, according to its website.
The fine was reduced from 20 million pounds because the company admitted the failure early and agreed to resolve the matter, the Bank of England statement said.
($1 = 0.7349 pounds)
(Reporting by Muvija M, writing by Sam Tabahriti; editing by William James)
The Bank of England fined Vocalink Limited 11.9 million pounds, which is approximately $16.19 million.
The fine was reduced because Vocalink admitted to the compliance failure early and agreed to resolve the matter.
Vocalink is owned by U.S. payment processor Mastercard.
Vocalink processes over 90% of salaries in Britain.
Vocalink designs and operates bank account-based payment systems, handling household bills and salary payments.
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