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The UK financial regulator has fined Starling Bank £29mn, accusing the UK challenger bank of “shockingly lax” controls on financial crime.
Starling’s efforts to identify potential money laundering and screen high-risk customers “did not keep pace” with the bank’s growth, the Financial Conduct Authority said on Wednesday.
“Starling’s financial sanction screening controls were shockingly lax,” said Therese Chambers, joint executive director of enforcement and market oversight at the FCA. “It left the financial system wide open to criminals and those subject to sanctions.”
This is a developing story