This week the Financial Services Authority hit private bank Coutts with an £8.75m fine after it found the bank had failed to operate in a way which prevented money laundering.
The FSA said Coutts & Company – purchased by RBS in 2000 when it took over NatWest – had failed to take reasonable care to establish and maintain effective anti-money laundering systems and controls. The failings related to high risk customers, including politically exposed persons, the FSA said, adding Coutts' failings were "serious, systemic and...
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