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Wednesday, 28 March 2012

Real question should be, why no such procedures in place, or overlooked!? Coutts fined £8.75m for lax checks on laundering - Business News - Business - The Independent

Coutts fined £8.75m for lax checks on laundering - Business News - Business - The Independent:

would this be another example of growth/profit by all means.. !?
corners should not be cut in name of short term growth/profits.

Key question that is not answered is why was there no such procedure put in place despite money laundering regulations came into force back in December 2007!!

or focusing on fining is much more important/simplistic?? surely next step is to also ensure that they put in place strict procedures/monitory service to ensure that it will not happen again!? or am I missing the point!


"Coutts, the bank famed for handling the finances of the Queen and around half the England football team, was fined £8.75m for "serious, systemic" money-laundering failures yesterday."

"The fine is Coutts' second dressing down by the City watchdog in a matter of months. In November, it was fined £6.3m for mis-selling savings products linked to the collapsed US insurer AIG. In that instance it also paid compensation to clients."

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