RBS fined for lax terror data checks

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.

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. 

Pete Swabey

Pete Swabey

Pete was Editor of Information Age and head of technology research for Vitesse Media plc from 2005 to 2013, before moving on to be Senior Editor and then Editorial Director at The Economist Intelligence...

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