Bank fined £1.25m for bad record-keeping

Bank of Scotland was fined a record £1.25m (€1.8m) today for breaching anti-money laundering rules on the identification of customers.

Bank fined £1.25m for bad record-keeping
Thu, 15 Jan, 2004 - 08:53

Bank of Scotland was fined a record £1.25m (€1.8m) today for breaching anti-money laundering rules on the identification of customers.

The British Financial Services Authority (FSA) said in half of test cases BoS had failed to retain a copy of customer ID or a record of where it was kept.

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