RBS Group fined £5.6m for sanctions control failings

rbs-2010

The Royal Bank of Scotland Group (RBSG), which includes RBS, Natwest, Ulster Bank and Coutts, has been fined £5.6 million by the UK Financial Services Authority (FSA) after the regulator argued it had failed to implement transaction monitoring.

The fine is the largest ever levied by the FSA in the area of financial crime and the first imposed by the regulator under the Money Laundering Regulations 2007, which require firms maintain policies and procedures to monitor transactions for money

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