RBS Agrees Settlement with FS

RNS Number : 4248Q

Royal Bank of Scotland Group PLC

03 August 2010

 

RBS agrees settlement with Financial Services Authority in relation to breaches of the Money Laundering Regulations 2007

The Royal Bank of Scotland Group plc (RBS Group) today announces that it has reached a settlement with the Financial Services Authority (FSA) following the completion of an investigation into the Group's compliance with UK anti-money laundering regulations. RBS Group will pay a fine of GBP5.6 million.

The investigation identified deficiencies in the Group's systems and controls during the period from December 2007 to December 2008 - specifically the failure to maintain appropriate policies and procedures regarding UK financial sanctions screening.

Throughout the investigation, the Group has fully cooperated with the FSA.

Nathan Bostock, Head of Restructuring & Risk said: "We recognise the very important role the Group plays in supporting the UK's financial sanctions regime and the importance of complying with legislation and regulation and implementing best practice.

"We acknowledge the findings of the FSA investigation. It confirmed the deficiencies we had identified and brought to their attention, in our policies, procedures and controls during the year to December 2008, though the FSA noted that it did not consider this misconduct deliberate or reckless. We have taken appropriate action to remedy these issues and continue to enhance our control environment with a view to ensuring a more robust sanctions compliance framework and ultimately that our detection and prevention capabilities are in line with best practice in the market."

For further information please contact:

Richard O'Connor

Head of Investor Relations

0207 672 1763

Michael Strachan

Group Media Relations

0131 626 3997

 

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