- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-11-12T20:55:00
The U.K. Financial Conduct Authority (FCA) has fined Metro Bank 16.6 million pounds (U.S. $21 million) for an alleged failure by its automated system to adequately monitor money laundering risks.
Financial institutions are required by the FCA to conduct anti-money laundering (AML) monitoring as a way to counter criminal activity. Individuals and organizations that make money through crime often try to engage in bank transactions or to open legitimate bank accounts in an effort to “wash” and hide the dirty money.
Metro, which was founded in 2010, installed an automated financial crime monitoring system in June 2016 that “did not work as intended,” the FCA alleged.
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
2024-12-12T19:59:00Z By Neil Hodge
The U.K. will struggle to shed its reputation as one of the world’s biggest conduits for dirty money due to a combination of patchy intelligence-sharing and poorly resourced enforcement agencies, experts told Compliance Week.
2024-10-02T18:22:00Z By Aaron Nicodemus
The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.
2024-08-20T18:56:00Z By Adrianne Appel
PricewaterhouseCoopers agreed to pay 15 million pounds (U.S. $19.5 million) for failing to report suspicions of fraud taking place at investment firm London Capital & Finance before it collapsed, the Financial Conduct Authority announced.
2025-05-20T12:30:00Z By Oscar Gonzalez
The U.S. Federal Trade Commission (FTC) took action against a pair of student loan debt relief companies for allegedly deceiving borrowers. The move came despite the Trump administration’s broader efforts to roll back enforcement actions against businesses since taking office.
2025-05-16T19:24:00Z By Oscar Gonzalez
After dismissing its lawsuit against the crypto exchange Coinbase in March, a second investigation into the exchange by the Securities and Exchange Commission has surfaced, according to a report from the New York Times. This comes as a bit of a surprise after the Trump administration has been scaling down ...
2025-05-16T14:16:00Z By Aaron Nicodemus
As the Consumer Financial Protection Bureau steps back from its core mission of protecting American consumers, states like New York and Pennsylvania are stepping up to fill the regulatory void.
Site powered by Webvision Cloud