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Royal Bank of Scotland fined £750,000 for anti-money laundering failures

The Royal Bank of Scotland has been fined £750,000 for failings in its money laundering controls in the first FSA penalty levied since it acquired powers over money laundering in December 2001.

The FSA found weaknesses in RBS&#39s anti-money laundering controls across its retail network, in particular in failing to obtain sufficient &#39know your customer&#39 documentation and keep copies of valid identification documentation.

FSA managing director Carol Sergeant says: “This fine shows the FSA takes anti-money laundering compliance very seriously indeed. The steps RBS took to satisfy itself that their clients really were who they claimed to be were inadequate.”

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Britannia International bond reaches 12th issue

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Britannia International – 5 Year Guaranteed Capital Equity Bond (Issue 12)

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Standard Life property fund opens door on offices

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Frexit & contagion risk in Europe

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