Money laundering in focus

The failures enabled cash transactions totalling £2m to proceed through the bank’s systems over a period of four years. These transactions are currently being investigated by police because of “suspicions”, the FSA says. The size of the fine reflects failures by the bank to monitor the transactions, and ensure staff had sufficient training to understand their responsibilities under money laundering rules. In this particular case, a single customer was able to buy 40 bank drafts for cash, payable to the Bank of Ireland, which effectively hid the identity of the owner of the cash. ...