Metro Bank fined after taking years to fix errors in financial-crime controls, UK watchdog says
By Martin Coyle ( November 12, 2024, 09:07 GMT | Insight) -- Metro Bank was fined 16.6 million pounds by the UK’s Financial Conduct Authority today for failing to properly monitor tens of billions of pounds of transactions for money-laundering risks. A data processing error meant transactions were not properly recorded and not monitored. Staff at the British challenger bank first identified the problems in 2017, but they weren't resolved until years later.Metro Bank has been fined by the UK’s Financial Conduct Authority today for failing to properly monitor tens of billions of pounds of transactions for money-laundering risks....
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
- Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
- Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
- Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
- Curated case files bringing together news, analysis and source documents in a single timeline
Experience MLex today with a 14-day free trial.