FSA fines Austrian bank
London -- The UK’s Financial Services Authority (FSA) has fined the London branch of Austrian bank Raiffeisen Zentralbank Osterreich £150,000 for money laundering rules violations. The fine and reprimand are just the latest in a string of high-profile actions by the FSA in the AML area.
According to the FSA’s statement, RZB London failed to update its AML and compliance manual, last updated in 1999, to reflect the introduction of the FSA’s money laundering rules in 2001. Apparently, RZB London’s compliance manual did not include sufficient assistance to staff to enable them to comply with identification requirements for certain categories of customers. Said Andrew Procter, the
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