The Financial Services Authority (FSA), the UK regulator, has fined Bank of Scotland £1.25m (€1.8m) for money laundering rule breaches. BoS failed to keep proper records of customer identifications as required by the FSA's money laundering rules. The FSA investigation found weaknesses in BoS' record keeping systems and controls across its retail, corporate and business banking divisions. In over half of the sample accounts tested in late 2002 BoS failed to provide sufficient information on customer identity. After the discovery BoS implemented a remedial action plan across the whole of the HBOS Group, which also owns Insight Investments, the fund manager. In a statement BoS said it accepts the FSA notice.

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