RBS fined for lax terror data checks

10 February 2012

RBS fined for lax terror data checks

3 August 2010

Financial Services Authority fines bank £5.6 million for failing to cross check financial transactions against terror blacklist

Royal Bank of Scotland has been fined £5.6 million for failing to check that transactions it processed in 2008 didn’t involve suspected terrorists.

Interesting Links

Terrorism: IT’s response Events in recent years have forced organisations to take the impact of a terrorist attack seriously – November 2006

The bank failed to cross check any incoming transactions or any Euro-based payments against the UK’s terror sanction list between December 2007 and December 2008, the Press Association reported today.

"By failing to screen relevant customers and payments against the HM Treasury sanctions list, RBS left itself open to the risk that it was facilitating terrorist financing,” said a spokesperson for the Financial Services Authority, which levied the fine.

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