UK FSA Fines Coutts GBP 12.5 Million – Lack of Anti-Money Laundering Practices Cited

• By: ComplianceOnline Expert
• Date: May 24, 2012

UK’s Financial Services Authority (FSA) fined Coutts Bank GBP 12.5 million for not having adequate checks in place to prevent money laundering practices by their customers. The FSA reviewed Royal Bank of Scotland’s Coutts Bank for a period of three years between 2007 and 2010. The fine was reduced to 70 per cent of that amount – GBP 8.75 million since Coutts Bank agreed to an early settlement. This article discusses the background and best practices that could have prevented this punitive action against Coutts.