A Fine Spring

There is no doubt about it: April was a cruel month. Britain’s banking and financial sector regulator, the Financial Services Authority (FSA) fined Austrian bank Raiffeisen Zentralbank Österreich (RZB) £150,000 ($272,000) for breaches of the UK’s Money Laundering Rules. And RZB isn’t the only financial firm smarting from sizable fines.

RZB became the fifth bank fined since the FSA received statutory powers to enforce anti-money laundering (AML) legislation in 2001, and the first institution

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