The Financial Conduct Authority (FCA) fined Starling, an online challenger bank taking on established lenders in the world of fintech, the equivalent of $39 million for failings linked to the bank's automated screening of customers.
Starling became aware in January 2023 that its automated screening system had, since 2017, been screening customers against only 'a fraction of the full list of those subject to financial sanctions', the regulator said.
Therese Chambers, the FCA's joint executive director of enforcement and market oversight, said 'Starling's financial sanction screening controls were shockingly lax'.
Starling chairman David Sproul on Wednesday apologised for the failings, adding that the bank had 'invested heavily to put things right', including strengthening board governance.
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