EFG Private Bank hit by FCA’s first fine
Bank fined £4.2 million for failures in anti-money laundering controls
EFG Private Bank has been fined £4.2 million for failures in its anti-money laundering (AML) controls, the first monetary penalty imposed by the new Financial Conduct Authority (FCA).
The UK arm of Swiss bank EFG International had serious failings in its AML controls which lasted for more than three years, the FCA found.
While the investigation was instigated in 2011 by the Financial Services Authority (FSA), Malcolm Taylor, global head of corporate development at data and software provider
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