Mastercard’s Vocalink Hit by £11.9mn Fine for Risk Management Failings

Mastercard's Vocalink fined by BOE over compliance lapses

Mastercard’s Vocalink hit by £11.9mn fine for risk management failings

Bank of England imposes its first ever penalty against a provider of financial markets infrastructure

Bank of England fines Mastercard’s Vocalink £11.9m over compliance failures

Vocalink says it processes more than 90% of salaries, 70% of household bills, and 98% of state benefit payments in the UK.

BOE Fines Mastercard’s Vocalink £11.9 Million Over Compliance

The Bank of England fined Mastercard Inc.’s Vocalink network £11.9 million ($16.2 million) after it failed to properly address a series of compliance lapses, the first time the central bank has imposed monetary penalties on a financial market infrastructure firm.

Vocalink Fined Over 11 Million Pounds by Bank of England

Vocalink Limited, a payment systems firm owned by Mastercard, was fined 11.9 million pounds by the Bank of England for inadequate risk management and governance. The fine was reduced from 20 million pounds after the company admitted its shortcomings and agreed to a resolution.

Vocalink hit with £11.9m fine over risk failures

The Bank of England has imposed an £11.9m fine on Vocalink Limited after the company failed to meet compliance obligations under section 196 of the Banking Act 2009. This marks the first time the Bank has fined a financial market infrastructure firm, signalling its commitment to enforcing standards across UK payment systems. Vocalink, regulated by the Bank since April 2018 as a specified service provider, was directed in 2021 to address identifi…