Belfast Telegraph

The Queen's depository is hit with £8.75m fine

A private bank that counts the Queen among its clients was fined £8.75m by the City watchdog for failing to do enough to ensure it was not handling laundered money.

Coutts & Co, which is owned by Ulster Bank parent Royal Bank of Scotland, did not have the proper checks in place when it started relationships with high-risk customers, considered vulnerable to corruption, the Financial Services Authority said.

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