London-based Gatehouse Bank was fined 1.58 million pounds (U.S. $1.77 million) by the U.K. Financial Conduct Authority (FCA) for failing to address “significant weakness” in anti-money laundering (AML) checks the bank conducted on customers who posed a higher risk of committing financial crime.
From 2014-17, Gatehouse failed to conduct proper due diligence on customers located in countries known to have a higher risk of money laundering and terrorist financing, as well as on customers classified as politically exposed persons (PEPs), the FCA said Friday in a press release.
