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Bank charges: EFG Private Bank fined by FCA

The Financial Conduct Authority (FCA) has fined EFG Private Bank for not establishing effective anti-money laundering controls.

EFG Private Bank was fined £4.2 million by the new financial regulator, who said that there had been serious failings in the bank’s anti-money laundering controls for high risk customers that had lasted for three years.

Concerns about the bank’s money laundering controls were raised by the FCA’s predecessor, the Financial Services Authority (FSA), in 2011. This was after the FSA visited the bank as part of a review of how money laundering was being handled in high risk situations.

The FCA took over responsibility for investigations into EFG Private Bank following the dissolution of FSA at the start of April.

Money laundering has seen major banks face fines from regulators worldwide in recent times. Last year, HSBC was fined $1.2 million (£1.2 million) by US regulators that said the bank had been involved in money laundering in the US and Mexico.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801576259-ADNFCR

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