The UK regulator has fined the Queens bank Coutts & Co, part of the government back Royal Bank of Scotland £8.75M. This is due to failing to take reasonable care to establish and maintain effective ant-money laundering systems and controls, specifically relating to high risk customers and Politically Exposed Persons. Tracey McDermott, acting director of enforcement and financial crime, said: Coutts’ failings were significant, widespread and unacceptable. Its…
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