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FSA fines Euro bank for laundering lapses

The FSA has fined Raiffeisen Zentralbank Osterreich&#39s London branch £150,000 for breaches of the money laundering rules.

It is the first time the FSA has fined a UK branch of a European bank for falling foul of the money laundering regulations.

The FSA found that RZB London failed to act promptly to update its anti-money laundering and compliance manual.

The manual did not include sufficient assistance to enable staff to comply with identification requirements for certain categories of customers, exposing the bank to an unacceptable risk that it would be used to launder money.

The FSA says since it identified the failings, RZB London has devoted considerable resources to implementing a comprehensive remedial action plan, which has put in place appropriate levels of control.

Director of enforcement Andrew Procter says: “All UK-based regulated firms must have adequate anti-money laundering procedures in place for client identification. RBZ London&#39s failure to comply with the client identification provisions exposed the firm to an unacceptable risk of being used for money laundering.”


Wales leads property price rises

The 10 counties with the biggest house price gains over the past 12 months are all outside southern England, according to Halifax&#39s regional index. Four are in Wales &#45 Gwynedd, Dyfed, West and Mid-Glamorgan &#45 while two &#45 Dumfries & Galloway and the Highlands &#45 are in Scotland. Three are in the North &#45 County […]

Men more likely to be impulsive shoppers – Clerical Medical

Men are more likely to succumb to impulse buys on shopping sprees and lie to their partners about it according to the latest survey from Clerical Medical. The research reveals that 62per cent of men surveyed said they would lie about their latest purchases. But women are more extravagant and will only feel guilty about […]

Survey aiming to find top service providers

An in-depth study of the intermediary sector is set to reveal which are the best networks and support service providers and why they give IFAs value for money. The survey from Henry Samuels Marketing Services, entitled, IFAs & Support Services, is designed to increase understanding of IFA needs for support services and which solutions meet […]

Skipton relaunch for equity-property bond

Skipton Building Society is relaunching its guaranteed triple asset bond issue 2 that gives a return which is linked both to UK equity and residential property indices. The investment is in two linked bonds, with a third of the investment going into a one-year fixed-rate bond returning 8 per cent gross until July 9, 2005 […]


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