Poor Anti Money Laundering Controls (again!)

The requirements on firms to have strong screening tools and processes has been highlighted by recent FCA enforcement action - again

Following the FCA fining Starling Bank Limited in October £28,959,426 for financial crime failings it has now also fined Metro bank £16.7m.

The FCA identified that Metro Bank failed to properly monitor over 60 million transactions, totalling £51 billion, for money laundering risks between June 2016 and December 2020.

According to the FCA, junior staff flagged concerns about the bank’s automated transaction monitoring system in 2017 and 2018. However, the issues were not fully resolved until the end of 2020, more than four and a half years after the system was implemented

Metro has been under scrutiny for a while having been been added to the FCA's financial crime watchlist in 2023 and subject to enhanced supervision. In 2019 it was fined £15.4m for regulatory capital failings.

For a review of your own financial sanctions controls and to discuss options appropriate for your business and activities, NRS can help - please get in touch.