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RBS firms fined for not screening sanctions targets

The Financial Services Authority has fined firms in the Royal Bank of Scotland group £5.6m for failing to guard against breaches of financial sanctions.

UK firms are prohibited from providing services to persons on the Treasury’s sanctions list.

Between December 15 2007 and December 31 2008 RBS, NatWest, Ulster Bank and Coutts and Co – all members of the RBS group – failed to adequately screen customers against the sanctions list.

The FSA says this resulted in an unacceptable risk that the group could have facilitated transactions involving sanctions targets including terrorist financing.

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