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FSA fines Bank of Scotland £1.25m for money laundering rule breaches

The Financial Services Authority has fined Bank of Scotland £1,250,000 for failing to keep proper records of customer identification as required by the FSA&#39s Money Laundering Rules.

The FSA&#39s investigation confirmed weaknesses in BoS record keeping systems and controls across its retail, corporate and business banking divisions. In over half of the sample of accounts tested in late 2002, BoS had failed to retain either a copy of the customer identification evidence or a record of where this evidence could be obtained. These failings were made worse by the bank&#39s inability to determine the areas in which the breakdown in its record keeping systems had occurred.

FSA director of enforcement Andrew Procter says Bank of Scotland&#39s failure could have seriously undermined its ability to comply with the requirements of orders served by law enforcement agencies under the Proceeds of Crime Act.

He says the failings occurred despite increased regulatory emphasis on the importance of effective anti-money laundering controls since the introduction of the FSA&#39s Money Laundering Rules.

Procter says: “The size of the fine demonstrates that failure by firms to put in place and maintain effective systems and controls will be dealt with severely by the FSA.”


A crucial test for Standard and FSA

You can almost sense the collective shiver running down the spines of IFAs across the country as Standard Life grapples with the FSA&#39s new way of calculating financial strength. It has not been a very good couple of weeks for the giant Scottish mutual. But a few things are clear. The first is that the […]

Abbey axe could fall on ScotProv

The Abbey axe is hovering over Scottish Provident with 700 jobs in Edinburgh at risk, according to a leaked Abbey document. An announcement is likely to be made to staff this week on Abbey&#39s current review and its effects on the Edinburgh-based life insurance operations. Around 730 people work in customer operations at the Edinburgh […]

Blue-chip firms concerned over paying pensions

One in five finance directors of the UK&#39s biggest companies are worried about making future pension payments to retired staff, according to research from Prudential UK. The data reveals that 30 per cent of finance directors are concerned about the need to make cash injections into pension funds, while 20 per cent are worried about […]

Pantheon buys IFA Fraser Anderson

Leeds IFA Pantheon Finan-cial has bought Gloucestershire firm Fraser Anderson and Partners. Fraser Anderson has been providing comprehensive financial and wealth management advice to private and corporate clients for over 30 years. The acquisition brings Pantheon&#39s staff to 70 in a network of seven offices throughout the UK. Pantheon chief executive James Kaberry believes there […]

Why prevention is better than cure

Quoting the famous adage, prevention is better than cure; there are many proactive benefits that can improve wellness in the workplace, decrease stress, increase staff morale and reduce absenteeism, as well as attracting and retaining employees of a higher standard. With a recent study showing that employees in Britain are working below peak productivity, preventative benefits can ensure you address potential health issues or causes of stress at their source and ensure productivity in the workplace remains at an optimum level. With this in mind, how are you using preventative benefits to help keep your workforce happy and healthy?


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