26/03/2012 07:58 BST | Updated 26/03/2012 08:35 BST

Coutts Bank Fined £8.75m Over Money Laundering Failings

Coutts, the exclusive private bank used by the Queen, has been fined £8.75m for failing to protect against money laundering, by the Financial Services Authority.

The FSA fined Coutts & Company, after finding "significant, widespread and unacceptable" failures in standards.

Tracey McDermott, acting director of enforcement and financial crime, said: “Coutts’ failings were significant, widespread and unacceptable. Its conduct fell well below the standards we expect and the size of the financial penalty demonstrates how seriously we view its failures."

According to the review by the financial watchdog Coutts was not taking "reasonable care" to maintain controls against money laundering which meant the bank faced an "unacceptable risk" of "handling the proceeds of crime."

In a statement the bank said: "Coutts has cooperated fully and openly with the FSA throughout the investigation. Coutts accepts the findings contained in the FSA's Final Notice regarding certain failures to meet the relevant regulatory standards between December 2007 and November 2010. Coutts has found no evidence that money laundering took place during that time."