FCA fines Starling Bank £29m for failings in their financial crime systems and controls

News Financial services English Sanctions & Fines

Date: 2nd Oct, 2024 Source: Financial Conduct Authority Country: United Kingdom Original Source

Brief

The FCA has fined Starling Bank Limited £28,959,426 for financial crime failings related to its financial sanctions screening. It also repeatedly breached a requirement not to open accounts for high-risk customers. Starling grew quickly, from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle financial crime did not keep pace

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Financial Conduct Authority

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FCA fines Starling Bank £29m for failings in their financial crime systems and controls

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FCA fines Starling Bank £29m for failings in their financial crime systems and controls

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