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UK's Nationwide fined £44m for inadequate financial crime controls

( December 12, 2025, 09:37 GMT | Official Statement) -- MLex Summary: Nationwide has been fined £44 million ($58.9 million) by the UK's financial watchdog for having inadequate financial crime controls between Oct. 2016 to July 2021. The Financial Conduct Authority said Nationwide took too long to address its flawed systems and weak controls, and also allowed customers to use their personal accounts for business activity, in breach of its terms. In one serious case, the bank missed opportunities to identify a customer using personal current accounts to receive fraudulent Covid furlough payment, it said. Statement follows....

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