Royal Bank of Scotland fined over anti-money laundering gaps

By Christine Duhaime | August 5th, 2010

The Royal Bank of Scotland has been fined £5.6 million by the UK regulatory agency for failing to implement key anti-money laundering requirements. The fine is the largest ever levied by the Financial Services Regulator.

The Bank failed to adequately screen its customers and their transactions to ensure there were no ties to listed persons. Since 9/11, banks in the UK (and in many other countries) are required to confirm they do not transact with persons or entities who are listed as associated with terrorism.

In Canada, the Minister of Public Safety maintains a list of sanctioned terrorist organizations.

The United Nations maintains a similar list of sanctioned persons and organizations.

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