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FSA Fines Royal Bank of Scotland Largest U.K. AML Penalty Ever
By Brian Monroe
printThe United Kingdom's chief financial regulator fined Royal Bank of Scotland nearly USD $9 million on Tuesday, the agency's largest penalty ever for anti-money laundering and sanctions compliance failures. The Edinburgh-based Royal Bank of Scotland (RBS) failed to "establish and maintain" proper customer due diligence measures, ongoing monitoring and internal controls, the Financial Services Authority (FSA) said in a 20-page decision notice. The failures, which occurred between December 2007 and December 2008, merited a significant "deterrent" penalty, the agency said. In particular, the order states that RBS, one of the largest British processors of foreign payments, failed to screen customers...
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