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UK online banks need to improve financial crime processes, financial watchdog says

( April 22, 2022, 09:46 GMT | Official Statement) -- MLex Summary: Online retail banks have been told to improve their financial crime controls and processes after a regulatory review published today found deficiencies. The UK’s Financial Conduct Authority found weaknesses in the challenger bank sector as a whole, including shortcomings in how they collect customer income and occupation details. The FCA called on the challenger banks to improve their processes and not prioritize speed of account opening over economic crime controls.Statement follows. Review attached....

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