RBS fined £5.6m for money laundering breaches

Royal Bank of Scotland was fined £5.6m (€6.75m) today after lax controls put the banking group at risk of laundering money for terrorists.

RBS fined £5.6m for money laundering breaches
Tue, 03 Aug, 2010 - 11:34

Royal Bank of Scotland was fined £5.6m (€6.75m) today after lax controls put the banking group at risk of laundering money for terrorists.

The UK's Financial Services Authority (FSA) said part-nationalised RBS and its NatWest, Ulster Bank and Coutts arms all failed to screen their customers and payments against the UK financial sanctions list between December 2007 and December 2008.

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CourtsBusinessHeathrowPlace: UKPerson: Margaret ColeOrganisation: RBSOrganisation: Royal Bank of ScotlandOrganisation: Financial Services AuthorityOrganisation: FSAOrganisation: NatWestOrganisation: Ulster BankOrganisation: CouttsOrganisation: HM Treasury
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