The UK Financial Services Authority’s (FSA) £5.6 million fine for Royal Bank of Scotland (RBS) Group this week for the group’s failure to have adequate data checks in place to conduct mandatory anti-money laundering (AML) screening is indicative of the need for firms to get a better handle on their customer data. According to the regulator, RBS Plc, NatWest, Ulster Bank and Coutts and Co, which are all members of group, failed to adequately screen both their customers and the payments they made and received against the Treasury’s sanctions list over the period of a year, from 15 December 2007 to 31 December 2008.

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