The Financial Conduct Authority has fined Metro Bank £16.6 million for failing to adequately monitor money laundering risks, affecting over 60 million transactions valued at more than £51 billion.
Metro Bank's lapses revealed serious deficiencies in its financial crime prevention controls, with a largely ineffective automated transaction monitoring system due to data input errors.
Therese Chambers stated that Metro's failings risked leaving a gap in the defence against the criminal misuse of the financial system, emphasizing the prolonged oversight.
The fine imposed on Metro Bank serves as a stern reminder of the essential need for robust financial crime prevention measures and the FCA's commitment to enforcing anti-money laundering regulations.
#financial-conduct-authority #metro-bank #money-laundering #financial-crime-prevention #regulatory-compliance
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