British regulator fines RBS bank 5.6m pounds
The British regulator, the Financial Services Authority, said on Tuesday that it had fined the state-controlled Royal Bank of Scotland 5.6 million pounds for lax money laundering controls.
The fine, worth the equivalent of 6.7 million euros or 8.9 million dollars, was for "failing to have adequate systems and controls in place to prevent breaches of UK financial sanctions" in 2007, the FSA said in a statement.
"During 2007, RBS Group processed the largest volume of foreign payments of any UK financial institution," it added.
"However, between 15 December 2007 and 31 December 2008, RBS Plc, NatWest, Ulster Bank and Coutts and Co, which are all members of RBS Group, failed to adequately screen both their customers, and the payments they made and received, against the sanctions list.
"This resulted in an unacceptable risk that RBS Group could have facilitated transactions involving sanctions targets, including terrorist financing."
Comments