The Queen’s bank, Coutts & Co, is in the doghouse after being fined a record £8.75m for violating money laundering rules after it failed to conduct proper checks on almost three quarters of clients that may have been trying to park dirty money. The bank, which requires new clients to have at least £1m to invest, “routinely” failed to gather crucial information about “politically exposed persons”—including where their funds came from—resulting in an “unacceptable risk” that the bank handled the proceeds of crime, said the U.K.’s financial services watchdog.There is a Coutts & Co cash machine in Buckingham Palace.
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