Not only can banks in the United Kingdom expect a number of anti-money laundering enforcement actions from the Financial Securities Authority, despite the fact that the agency shuts down next year, investment banks and individuals in financial services should expect a host of non-AML enforcement actions. I wrote two weeks ago that more banks could expect penalties for offenses akin to those that cost Coutts & Co., the private banking subsidiary of the Royal Bank of Scotland, 8.75 million pounds sterling. Indeed, vows of more AML enforcement actions seem to mark new found purpose at the FSA, particularly since it...
Maybe it's the thing you're supposed to say when you get a new job and have responsibility for a lot of people. Still, it was a good thing to hear from FinCEN's new director in her debut speech at a D.C. money laundering conference.
A U.K. fine against a London-based private banking subsidiary of the Royal Bank of Scotland underscores the risks financial institutions take when they allow their account managers to vet valued clients, say compliance officials.
The private bank that serves Britain's Queen Elizabeth II and other wealthy individuals was fined 8.75 million pounds sterling by the United Kingdom's bank regulator for anti-money laundering deficiencies.
A planned regulatory overhaul, economic sanctions against Iran and the enforcement of anti-bribery rules will be among the biggest issues British financial institutions contend with in 2012, say experts.
A British anti-bribery bill expected to pass this month could increase the likelihood that U.S. financial institutions and other companies will face sizable monetary penalties for overseas deals, say consultants.