The FCA's investigation revealed a shocking lack of adequate systems at Starling Bank to mitigate financial crime risks, raising concerns about their anti-money laundering controls.
Starling breached an agreement to halt the opening of new accounts for high-risk customers, leading to 54,000 accounts opened for nearly 50,000 such individuals, violating FCA requirements.
FCA executive Therese Chambers stated that Starling's financial sanctions screening controls were shockingly lax, exposing the financial system to criminals and sanctioned individuals.
An internal consultancy firm's report indicated that Starling's senior management lacked the necessary experience for compliance, raising serious questions about leadership effectiveness.
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