19 August 2017
Find out more

FSA fines RZB London for money laundering rule breaches

06 April 2004  |  8742 views  |  0 FSA fines RZB London for money laundering rule breaches

The Financial Services Authority (FSA) has fined Raiffeisen Zentralbank Österreich's London branch £150,000 for money laundering rule breaches.

The FSA's investigation found that RZB London failed to act promptly to update its anti-money laundering (AML) and compliance manual, last updated in 1999, to reflect the introduction of the watchdog's new Money Laundering Rules in 2001.

In particular, the UK regulator says RZB London's compliance manual did not include sufficient assistance to staff to enable them to comply with identification requirements for certain categories of customers.

Andrew Procter, FSA director of enforcement, says: "RZB London's failure to comply with the client identification provisions exposed the firm to an unacceptable risk of being used for money laundering."

He says the bank has since moved to resolve the problem and introduce appropriate controls.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Stockbrokers admit AML failings

Stockbrokers admit AML failings

01 April 2004  |  6130 views  |  0 comments
Clearstream wins money laundering libel case

Clearstream wins money laundering libel case

29 March 2004  |  7000 views  |  0 comments
Swiss bank Amas selects NetEconomy anti-money laundering package

Swiss bank Amas selects NetEconomy anti-money laundering package

18 February 2004  |  3523 views  |  0 comments
FSA fines Bank of Scotland £1.25m over money laundering checks

FSA fines Bank of Scotland £1.25m over money laundering checks

15 January 2004  |  10447 views  |  0 comments
FSA fines Abbey £2.3 million for money laundering failures

FSA fines Abbey £2.3 million for money laundering failures

10 December 2003  |  13696 views  |  0 comments
FSA punches holes in bank treasury risk management practices

FSA punches holes in bank treasury risk management practices

06 October 2003  |  10940 views  |  0 comments
FSA publishes op risk review

FSA publishes op risk review

23 July 2003  |  5761 views  |  0 comments
FSA scraps anti-money laundering proposals

FSA scraps anti-money laundering proposals

22 July 2003  |  7163 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.dorsum.euvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
8963 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7826 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7205 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6448 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
6311 views comments | 11 tweets | 9 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job