Monday, 26 March 2012

Coutts fined for laundering violations

Coutts & Co, the private bank used by the Queen, has been fined £8.75m for failing to take required precautions against money laundering in the first case to emerge from a Financial Services Authority probe into the way banks handle accounts of overseas politicians and other high-risk customers.
The FSA said that Coutts, which is part of the Royal Bank of Scotland, routinely failed to gather crucial information about so-called politically exposed persons, including the source of their funds, and did not properly monitor their transactions. These violations of UK rules continued from 2007 to 2010, when they were uncovered during the FSA’s industry-wide review.

Read the full article here.

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