This week the Financial Services Authority (FSA) hit private bank Coutts with an £8.75m fine after it found the bank had failed to operate in a way which prevented money laundering.
The FSA said Coutts & Company – purchased by RBS in 2000 when it took over NatWest – had failed to take reasonable care to establish and maintain effective anti-money laundering systems and controls. The failings related to high risk customers, including politically exposed persons, the FSA said, adding Coutts’ failings were “serious, systemic and... allowed to persist for almost three years”. Coutts now holds the dubious honour of featuring in the list of the top ten largest fines ever levied by the regulator. Here we count down the ten largest fines the FSA has ever issued.
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