Queen's bank fined £8m by watchdog

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

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