£2m AML fine for Abbey

Anti-money laundering

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 regulated community that it expects all financial firms as part of their compliance regime to

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