10:50 AM EDT, 07/09/2025 (MT Newswires) -- Mastercard's ( MA ) Vocalink unit was fined 11.9 million British pounds ($16.3 million) by the Bank of England for failing to meet risk and governance requirements, the Bank of England said in a statement Wednesday.

The fine stems from Vocalink's failure to fully comply with a remediation order by a February 2022 deadline due to weak risk management, governance, and internal oversight, the statement said.

The Bank's investigation found that Vocalink lacked a proper system to assess and communicate risks across all levels, preventing effective oversight and timely response, according to the statement.

Vocalink cooperated with the investigation, admitted its failure early, and received a 45% reduction from the original fine of 20 million pounds, the Bank of England said.

"We are pleased to resolve this matter, which related to issues identified in 2020," a Vocalink spokesperson said in an emailed statement to MT Newswires. "Since then, we've delivered a number of improvements, as recognised in the Bank's final notice. The historic issues related to internal systems and controls and had no impact on the service we delivered to the UK's consumers and businesses."

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