FSA: RBS Failure Could Have Been Terrorists’ Gain
The UK Financial Services Authority (FSA) has fined members of the Royal Bank of Scotland Group £5.6 million ($8.9 million) “for failing to have adequate systems and controls in place to prevent breaches of UK financial sanctions,” according to the regulator.
RBS affiliates RBS Plc, NatWest, UlsterBank and Coutts and Co., “failed to adequately screen both their customers, and the payments they made and received,” which could have resulted in the financing of terrorist organizations.
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