FSA fines Austrian bank

Anti-money laundering

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 FSA’s director of enforcement, "All UK-based regulated firms must have adequate anti-money laundering

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