It has been recently revealed in a report that the Coutts bank has been fined a huge sum of 8.75 million pounds. This is due to the bank being incapable in the money-laundering controls recently. This was the second time this happened in four months. The bank is actually the only private bank that comes under the ownership of the Royal Bank of Scotland.
This fine is also a follow up for the 6.3 million pounds that had been sanctioned to the firm about the fund sale back in the year 2008, when there was a crisis situation.
“Coutts' failings were significant, widespread and unacceptable. Its conduct fell well below the standards we expect and the size of the financial penalty demonstrates how seriously we view its failures”, said Tracey McDermott, acting director of enforcement and financial crime, at the FSA.
As a reaction of the same, the bank has started making the necessary amendments in their money laundering systems and things are due to get better in the time to come. The regulator and the bank are also having settlements over the fine at a preliminary stage. Had that not been the case, the fine would’ve been even more massive.
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