Compliance news 12/12/2009 FSA investigates RBS on compliance with money laundering rules

The Financial Services Authority (FSA) is investigating the Royal Bank of Scotland (RBS), which is 70% owned by the Government, in connection with possible lack of compliance with money laundering rules from December 2007 to December 2008.

In a report to investors, RBS said the FSA informed the group that it was commencing an investigation into certain aspects of the policies of, and training and controls within, certain of the groups UK subsidiaries relating to compliance with UK money laundering regulations.

A spokesman for the bank, which is subject to a further three inquiries by the FSA into other aspects of its business, said it was co-operating fully with the investigation.

In 2002, RBS was fined £750,000 by the FSA for breaching money laundering controls.

News « FSA news - Finance regulator probes RBS money laundering compliance

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