Britain's financial services regulator has fined the Royal Bank of Scotland 5.6 million pounds (US$8.9 million) for failing to follow rules designed to prevent banks lending to people who are on government ban lists.
The Financial Services Authority said Tuesday that RBS failed to properly screen its customers and their transactions during 2008.
The regulator says that resulted in an "unacceptable risk that RBS could have facilitated transactions involving sanctions targets, including terrorist financing."
It adds that the failings were particularly serious because of the risk they posed to the integrity of the U.K. financial services sector.
It is the first fine imposed by the FSA under the 2007 Money Laundering Regulations.
Source: The Canadian Press
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