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Royal Bank of Scotland fined £5.6 million by FSA

The Financial Services Authority (FSA) has today confirmed that Royal Bank Scotland has been hit with a £5.6 million fine with regards to a failure to comply with FSA regulations. It is believed that internal monitoring of funds transferred from Royal Bank of Scotland fell below acceptable levels in 2008 with the potential for funding to reach organisations or people facing Treasury sanctions.

In simple terms the FSA believes that internal the money laundering procedures within the Royal Bank of Scotland deteriorated during the very difficult time when the bank was struggling and its future was uncertain. The £5.6 million fine is one of the largest ever administered by the FSA and has obviously grabbed the headlines in these very difficult times for the UK banking industry. Money-laundering has become a major issue in not only the UK banking arena but the worldwide banking arena with regulations expected to tighten further in the medium to longer term.

The ability to effectively choke the resources of terrorists and criminal gangs within the UK and worldwide banking arena is the government's first line of defence against such parties. As a consequence, it is highly likely that the FSA will come down heavier and heavier on those who perhaps "take their eye off the ball".

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