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Watchdog's blitz hits HBOS for £1.25m

13 April 2012

BANK of Scotland, now part of HBOS, has been fined £1.25m by City regulator the Financial Services Authority for failing to keep proper records under antimoney laundering rules. It is the latest bank to be bashed in an FSA blitz against dirty cash. Mortgage bank Abbey was fined £2m last year for breaches of money laundering rules.

Belfast-based Northern Bank has been fined £1.25m and Royal Bank of Scotland suffered a £750,000 penalty in 2002. Bank of Scotland said there is no evidence that any actual money laundering had taken place, or that customers had lost out. A spokesman said: 'We regret it, we got things wrong and we put it right very quickly.'

The Financial Services Authority stepped up its war on money-laundering and criminal funds in the aftermath of the September 11 terrorist outrages.

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