FSA fines Coutts £8.8 million for anti-money laundering failings

FSA fines the taxpayer! I'm guessing that's a bit less money for my local hospital/school in order to fund the FSA's fine.Seems like a pretty good use of money. We're all in it together!

'FSA fines UK tax-payers £8.8M'.

So I take it their compliance manager will lose their job and be censured - as has happened with IFA practices guilty of less?

Ah ! the grate and the good . . .owned apparently by the Robbing Bank of Scotland - who also own Adam & Co (Edin ) Drummonds ( Picadilly ) and the Nasty west banking experience. Owned by RBS one can only assume they all use the same RBS - Rules, regulatory requirements . . . on behlaf of the tax payer who owns some 80% of RBS. WHilst RBS sponsors Rugby, Formula 1 racing - and many other sponsorships - Fined £ 8.8 M it will be interesting to see the fine actually GO THROUGH the state owned bank, RBS ACCOUNTS

No mention of their compiance officer being fined or banned from the industry though. That is the only way bank employees will be stopped from obeying the dictats of their greedy superiors.

I hope Tracey Mc and her boys and girls now move on to do a similar investigation into the other banks particularly those tlooking after the money of some of the high profile Russians in our midst and the dubious owners of some of our football clubs.

Will her role highness the Queen be moving her accounts now that it has been proved by the FSA that her bank has been assisting money laundering ?

I expect she will move to Virgin Money ( Northern Rock) or better still SJP the Upmarket advisers !

The regulator would have imposed a fine of £12.5 million, but Coutts agreed to settle at an early stage.

Or, to put it another way: Dare to exercise your right to challenge this fine and we'll increase it by 43%.

Think I might apply for a job at one of these banks - If I could save them a £8m fine do you think they might pay me say £1m!

Those nice bankers at Cooots agreed to pay the FSA imposed Fine - early and as a result get a huge DISCOUNT. If it was fraud they would get out of jail free for " good behaviour ", or a heavily discounted sentence. No wonder bankers create havoc with consumers finance - THEY WALK AWAY unrepentant, unchallenged - and the fines paid by the Tax Payer - whilst Govt MPs claim for i pads using tax payers money.

@ Ian Lees

It's a matter of record on this forum that I've worked at the FSA, in the industry and for the industry as a consultant. In the first of those three roles, no-one walked on my watch - see http://www.bbc.co.uk/news/uk-england-17498439 for an old case of mine that's just gone public. It's all about getting the result, not who gets it.

@Philip Wise

Well spotted.

The argument for not fining a bank 50% state-owned (i.e. Lloyds/HBOS) is that it would fall on us taxpayers...But they can fine a bank owned 80% by the taxpayer...???

Good Morning you’re Majesty

You may be aware that we have just been fined for “failing to establish and maintain effective anti-money laundering systems and controls relating to high risk customers"

I am fully aware that you have been banking with us for many years and I have seen you many times. I am afraid that regardless who you are we have to carry out a Money Laundering Verification on you I will have verify who you are say you are .

Do you have a photo on any document a passport of new form of Driving Licence?

Thank you for the £50.00 note I can clearly see the resemblance, but unfortunately we have trouble with fraudulent £50-00 notes. We found that some of customers from other areas of the world that like the prestige of banking with Coutts have been depositing fraudulent £50.00 notes with us .It now the bank policy to refuse them.

Have you a five or ten pound note instead. May I suggest you go to the cash machine and draw one out?

Thank you Mam Now is it possible that you can verify your address. I am sorry Mam but the TV footage of you on the balcony with you Grandson and his bride will not verify where you live ,even if was seen by a global audience of millions Do have a Phone bill or electricity bill in your hand bag.

Yes Mam I understand you will be raising the point about how you have found this experience troublesome and will be asking Mr Cameron what can be done about the regulators.

This is bad but have a look at where Margaret Cole has just turned up...PWC??? The same company just awarded £6M for dealing with payments to investors from the FSCS....You cant make it up!