Bank gets £1 million penalty from regulator

An Island bank has been handed a £1 million penalty for failing to carry out customer risk assessments properly.

The Financial Services Authority says Royal Bank of Scotland International breached the regulations to prevent money laundering and financing terrorism.

An investigation found 2,239 non-personal customers between 2015 and 2018 had inadequately documented Customer Risk Assessments.

As a result, the FSA imposed a civil penalty of £1,440,481, but discounted it by 30 per cent because of the company's cooperation.