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 had previously been ordered by the BOE to clean up some of its risk management processes and spent years trying to remediate the issues, the central bank said Wednesday. But the payments network’s efforts ultimately came up short by a 2022 deadline.