The UK's Financial Services Authority (FSA) fined the Royal Bank of Scotland Group (RBSG) £5.6 million for breaches of regulation 20(1) of the Money Laundering Regulations 2007 (the Regulations) that took place between December 2007 and December 2008. The Regulations require UK firms to maintain adequate systems and controls to ensure funds are not made available to persons designated on Her Majesty's Treasury sanctions list. In a Decision Notice issued August 2, 2010, the FSA found that RBSG had failed to keep its IT system sufficiently updated and calibrated, resulting in an inaccurate screening process and the potential for fraudulent transactions, "including terrorist financing." This is the first fine the FSA has levied a fine under the Regulations. The fine would have been £8 million, but RBSG qualified for a 30% discount for not challenging the decision.