FSA fines RBS £5.6m for UK sanctions controls failings

This failure resulted in an unacceptable risk RBSG could have facilitated illegal transactions involving people under sanctions, including terrorist financing, the FSA says. It is the biggest fine imposed by the FSA to date in pursuit of its financial crime objective. UK firms are prohibited from providing financial services to persons on the HM Treasury sanctions list. The Money Laundering Regulations 2007 require firms maintain appropriate policies and procedures in order to prevent funds or financial services being made available to those on the sanctions list. During 2007...