RBS to pay £750,000 money laundering fine

Link: City baffled by money laundering

The FSA said RBS failed to take adequate steps to ensure its clients were who they say they were.

Carol Sergeant, managing director of the FSA said senior RBS management dealt with shortcomings in a prompt and effective way, once it became aware of them.

‘As a result of this, and RBS’s open and constructive approach to the FSA’s investigation, the fine imposed is very substantially lower than it otherwise would have been,’ she said.

There is no evidence that money laundering actually took place.

The FSA requires financial firms to have strong and effective anti-money laundering procedures, to ensure that they are properly implemented and to monitor their effectiveness.

‘Firms that fail to do this lay themselves open to increased risks of being used for money laundering,’ Sergeant said.

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