UK’s financial regulator, the Financial Services Authority (FSA), said on Monday that it had fined Coutts Bank £8.75 million (US$13.8 million) for “failing to take reasonable care to establish and maintain effective anti-money laundering (AML) systems and controls relating to high risk customers, including Politically Exposed Persons (PEPs).” The FSA deemed the British private bank’s failings as serious and systemic…
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