On Air Saturday Night Party Chris Quirk | 7:00pm - 9:00pm

RBS International fined over £1 million

Isle of Man FSA issues civil penalty

Royal Bank of Scotland International Limited has been fined more than £1 million by the Isle of Man Financial Services Authority.

The bank was deemed to have contravened a clause within the anti-money laundering and countering the financing of terrorism code 2015.

The offence came to light during an inspection of elements of RBSI's non-personal customer book under section 15 of the Financial Services Act 2008.

The civil penalty was £1,440,481, which was discounted by 30 percent.

The Authority says it acknowledges the constructive dialogue with RBSI.

The bank will continue its outreach work, which will remediate any remaining cases in the population affected by the breach, with the Authority having been made fully aware of the steps it has put in place.

More from Isle of Man News