Record fine for Abbey National

British banking giant Abbey National was today given a record fine for failing to maintain effective anti-money laundering procedures.

Record fine for Abbey National
Wed, 10 Dec, 2003 - 07:33

British banking giant Abbey National was today given a record fine for failing to maintain effective anti-money laundering procedures.

The £2m (€2.86m) penalty imposed by the Financial Services Authority (FSA) was accompanied by a further £320,000 (€457,460) fine for separate systems and control breaches at Abbey’s Asset Managers business.

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