French watchdog fines SocGen for poor auditing

France's financial market watchdog said it was fining Societe Generale bank 500,000 euros ($663,000) for poor auditing of its asset management operations. The fine, announced by regulator AMF on its website late on Monday, is in addition to 280,000 euros which Societe Generale was to pay regarding the way it sold investment fund contracts. In its latest ruling, the market authority criticised the bank for "shortcomings" in its auditing procedures, saying that it had not allocated adequate human and computer resources. In a statement sent to AFP on Tuesday, the bank said it had taken note of the decision and reserved the right to appeal it. It added that it has had no complaints from asset management clients about its depositary control services.