- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-11-12T20:55:00
The U.K. Financial Conduct Authority (FCA) has fined Metro Bank 16.6 million pounds (U.S. $21 million) for an alleged failure by its automated system to adequately monitor money laundering risks.
Financial institutions are required by the FCA to conduct anti-money laundering (AML) monitoring as a way to counter criminal activity. Individuals and organizations that make money through crime often try to engage in bank transactions or to open legitimate bank accounts in an effort to “wash” and hide the dirty money.
Metro, which was founded in 2010, installed an automated financial crime monitoring system in June 2016 that “did not work as intended,” the FCA alleged.
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2024-12-12T19:59:00Z By Neil Hodge
The U.K. will struggle to shed its reputation as one of the world’s biggest conduits for dirty money due to a combination of patchy intelligence-sharing and poorly resourced enforcement agencies, experts told Compliance Week.
2024-10-02T18:22:00Z By Aaron Nicodemus
The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.
2024-08-20T18:56:00Z By Adrianne Appel
PricewaterhouseCoopers agreed to pay 15 million pounds (U.S. $19.5 million) for failing to report suspicions of fraud taking place at investment firm London Capital & Finance before it collapsed, the Financial Conduct Authority announced.
2025-04-04T15:40:00Z By Ruth Prickett
An accessible website should be a basic requirement for businesses, allowing the largest number of people to access a company’s content and services. With technology as an enabler, it also makes good business sense. After all, why would any organization want to hinder customer access? However, many websites are not ...
2025-04-03T13:40:00Z By Adrianne Appel
A Federal Trade Commission case against insulin price gouging has come to a screeching halt after two Democratic commissioners were fired by President Donald Trump.
2025-03-27T13:11:00Z By Jeff Dale
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
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