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UK regulator contacts 17 banks on Russian money-laundering scheme

The UK's Financial Conduct Authority has sent requests to major British banks, including the Royal Bank of Scotland, in connection with information on their participation in the Russian money-laundering scheme, called “the Laundromat”.

FCA contacted up to 17 banks to clarify information on their supposed role in processing hundreds of millions of pounds of payments between 2010 and 2014.

RBS said that it had responded to the FCA request and intends to respond to requests from financial regulators in other countries where the bank operates.

The Guardian reported last week that 17 British banks, including HSBC, Royal Bank of Scotland, Lloyds, Barclays and Coutts, processed nearly $740 million in a Russian money-laundering scheme.


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