UK’s Financial Authority Penalizes Metro Bank For Anti-Money Laundering Risks
The retail banking company has since taken corrective measures to address the failings
By: : Linda John
Update: 2024-11-12 10:00 GMT
UK’s Financial Authority Penalizes Metro Bank For Anti-Money Laundering Risks
The retail banking company has since taken corrective measures to address the failings
Britain’s Financial Conduct Authority (FCA) has fined Metro Bank 16 million pounds ($20.51 million), for a deficiency in its anti-money laundering controls from June 2016 to December 2020.
The bank’s inadequate systems failed to monitor over 60 million transactions worth £51 billion for money laundering risks.
In a statement, Therese Chambers, the joint executive director of enforcement and market oversight claimed, "Metro's failings risked a gap being left in our defence against the criminal misuse of the financial system. Those failings went on for too long.”
However, the bank has since implemented corrective measures to address the flaws.