The Financial Conduct Authority (FCA) expressed serious concerns about Starling's anti-money laundering and sanctions frameworks, revealing systemic issues that left the bank vulnerable to criminals.
Starling's automatic screening technology inadequately screened customers against a limited sanctions list since 2017, highlighting significant failures in its financial crime controls.
Therese Chambers from the FCA stated that Starling’s financial sanction controls were "shockingly lax" and highlighted the bank’s non-compliance with measures to combat financial crime.
Despite rapid growth, Starling's financial crime control measures lagged behind, leading to the opening of over 54,000 accounts for high-risk customers, which ultimately drew regulatory action.
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