FSA fines Swiss bank £525,000

Habib is a privately owned Swiss bank with 12 branches in the UK and about 15,500 customers.  The FSA's investigation found that between 15 December 2007 and 15 November 2010, Habib failed to establish and maintain adequate controls for assessing the level of money laundering risk posed by its customers. In particular, Habib maintained a high-risk country list which excluded certain high-risk countries on the basis that it had group offices in them. However, the FSA found that "Habib's local knowledge of these countries did not negate the higher risk of money laundering they presen...