Hefty penalty for breaches of financial crime and money laundering regulations
“Fighting financial crime is an issue of international importance and there has been a regime in place for the prevention of money laundering in the UK since 1994.”
“Firms should recognise that AML controls are vitally important to the integrity of the UK financial system.”
www.fiscol.com
Fined £16,675,200 for breaches of PRIN 3 and associated SYSC rules relating to a lack of systems and controls concerning financial crime.
Nov 2024
Metro Bank plc
Fined £28,959,426 forbreaches of PRIN 3 and s.204A of FSMA relating to financial crime and breaching the conditions of a Voluntary Requirement (VREQ) on financial crime systems and controls.
Sept 2024
Starling Bank Limited
Fined £3,503,546 forbreaches of voluntary requirements (VREQ) relating to financial crime framework in the e-money sector.
July 2024
CB Payments Limited
Fined £6,470,600 forbreaches of Principles for Business related to serious financial crime control failings in the Wholesale Intermediaries and Brokers sector.
Oct 2023
ADM Investor Services International Limited
Fined £2,452,700 forbreaches of Principles related to the risk of financial crime in the trading firms sector.
July 2023
Bastion Capital London Limited
Fined £4,023,600 forbreaches of Principles related to Financial Crime in the Retail Bank sector.
Jan 2023
Al Rayan Bank PLC
Fined £7,671,800 forbreaches of Principles related to the risk of financial crime in the wholesale banking sector.
Jan 2023
Guaranty Trust Bank (UK) Limited
Fined £107,793,300 forbreaches of Principles related to the risk of financial crime in the Retail Banking sector.