FSA fines bank for money laundering rule breaches

It said the company's correspondent banking arrangements - in which it provided services to several overseas banks - left it vulnerable to money laundering, though it said the bank's breaches were not deliberate or reckless. The action represents the first occasion in which the FSA has taken enforcement action against a firm in relation to money laundering weaknesses in its correspondent banking arrangements. The FSA said Turkish Bank (UK) acted as a correspondent bank for nine overseas banks in Turkey and six in Northern Cyprus between 15 December 2007 and 3 July 2010. Under the r...