UK Fines Coutts $14M For Shirking Client Criminal Probes

Law360, New York (March 26, 2012, 3:59 PM EDT) -- The U.K.’s top financial regulator on Monday fined Coutts & Co., the Royal Bank of Scotland Group PLC’s private wealth management unit, £8.75 million ($13.9 million) for running afoul of anti-money laundering laws by failing to investigate clients’ possible criminal activity.

The Financial Services Authority said that Coutts, which counts Queen Elizabeth II among its clients, did not properly vet transactions from clients who were a high risk of being involved in criminal activities, and did not adequately investigate intelligence on new clients that might have...
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