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.

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.