[HIB]Bank fined $9.7m over poor IT governance

[newsbot]

UK financial services regulator the Financial Services Authority [FSA] has fined the Royal Bank of Scotland (RBS) £5.6 million (A$9.7 million) for implementing shoddy IT systems which left it in breach of the country’s money laundering laws. The bank had implemented its treasury IT system in 2006, which was meant to screen incoming and outgoing cross-border payments. According to the FSA, RBS neglected to check the accuracy of the systems since its implementation. “After the initial set up, the results produced by the screening filters were not routinely reviewed or monitored by RBSG to ensure that they were appropriate.

**Hidden Content: Check the thread to see hidden data.**