This week the Financial Services Authority hit private bank Coutts with an £8.75m fine after it found the bank had failed to operate in a way which prevented money laundering.
The FSA said Coutts & Company – purchased by RBS in 2000 when it took over NatWest – had failed to take reasonable care to establish and maintain effective anti-money laundering systems and controls. The failings related to high risk customers, including politically exposed persons, the FSA said, adding Coutts' failings were "serious, systemic and...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes