The U.K. banking regulator has censured asset servicing bank CACEIS UK for failing to operate adequate financial crime controls. The bank agreed to pay £31.7 million ($41.9 million) in compensation to clients.

The Financial Conduct Authority (FCA) said it could have imposed a penalty of nearly £33 million ($44 million), but it chose to waive this because the bank cooperated fully from the start and volunteered to pay compensation to former clients.

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Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...