Top stories from 15 years of FX Week AIB losses a 'one-off'
FX WEEK FIFTEENTH ANNIVERSARY
Dealers told FX Week that responsibility for the fraud, allegedly carried out by John Rusnak at AIB subsidiary Allfirst in Baltimore, lies firmly with risk management controls at the bank – and that a similar scam could not happen elsewhere.
Areski Iberrakene, head of FX and currency derivatives at Barclays Capital in London, told FX Week that four separate groups check Barclays' options trades, making it "impossible" for forged trades to go unnoticed.
Smaller banks were equally as convinced
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