£2m AML fine for Abbey
London -- Abbey National and its subsidiary, Abbey National Asset Managers (ANAM), were hit with a fine of £2.3 million for breaches of the UK Financial Services Authority’s (FSA) anti-money laundering regulations, as well as breakdowns in systems and controls procedures. The fine is the largest ever imposed for AML failings, and the second-largest ever dished out by the FSA.
The mid-December fine is the latest sign that the FSA is taking a hard line against poor anti-money laundering infrastructure at financial firms in the UK. Northern Bank was fined £1.24 million in August 2003 for poor controls, and Royal Bank of Scotland was fined £750,000 in December 2002 -- the first fine imposed by the FSA for AML regulatory failings.
"The FSA has repeatedly made it clear to the
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