In 2008 the Wachovia Bank, a US bank, settled a suit with the US Office of the Comptroller of the Currency (OCC) with a payment of $144 Million. The bank had been charged with poor oversight that allowed telemarketers and payment processors to withdraw millions of dollars from customers' accounts. The charges sated that that Wachovia had engaged in various "unsafe and unsound" banking practices in managing its account relationship with Payments Processing Centre in that Telemarketers had acquir...

BPIR Categories

7.1.2 Invoice the customer
7.1.1 Develop, deliver, & maintain customer billing
2.5.4 Identify and manage risks
11.1.5 Manage financial risk

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