[ by Melanie Gretchen ] RBS unit Coutts incurred a $13.9 million (£8.75) fine by the U.K.'s Financial Services Authority for failing to safeguard against possible money laundering.  The fine, imposed Monday, as a result of a civil action, was the largest ever levied by the agency for a financial crime, which includes corruption and money laundering. High-Profile in the Best of Ways and the Worst of Ways. During its history since 1692, clients of the private bank include Queen Elizabeth II, among royalty, and distinguished clients dating back to the 18th century.  However, rather than serving as a secure unit, the FSA's findings revealed shortcomings in the bank's information-gathering about high-risk customers, especially those the agency says are high-profile and could be corrupt. The FSA said the bank also didn't take into account questionable information about such clients or keep such information up to date, and didn't properly scrutinize transactions made through high-risk customers' accounts.  The agency's acting director of enforcement and financial crime said in a statement that the penalty should prompt other firms to make changes and adapt to changing standards for risk controls. "Coutts' failings were significant, widespread, and unacceptable." -- Tracey McDermott One significant conclusion was that, though a lack of controls existed from 2007 to 2010, money laundering had not actually taken place.  Since then, a number of improvements and recommendations have been implemented. For further information, go to [WSJ, 3/27/12].