Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Metro Bank fined £16.6m by FCA over money laundering monitoring failures

by November 12, 2024
November 12, 2024
Metro Bank fined £16.6m by FCA over money laundering monitoring failures

The Financial Conduct Authority (FCA) has fined Metro Bank £16.6 million for failing to implement adequate systems to monitor money laundering risks, impacting over 60 million transactions valued at more than £51 billion.

The lapses, occurring between June 2016 and December 2020, reveal serious deficiencies in Metro’s financial crime prevention controls.

Metro Bank introduced automated transaction monitoring in June 2016, but due to data input errors, the system failed to flag transactions occurring on the same day accounts were opened and further transactions until account records were updated. Concerns raised by junior staff in 2017 and 2018 went unaddressed, delaying identification of the issue.

The bank implemented a partial fix in July 2019, but a consistent verification mechanism wasn’t established until December 2020—over four years after the monitoring system’s launch. In response to these issues, Metro Bank has since updated its processes to remediate the flaws in its monitoring system.

Therese Chambers, joint executive director of enforcement and market oversight at the FCA, highlighted the risks posed by Metro Bank’s prolonged oversight gap. “Metro’s failings risked a gap being left in our defence against the criminal misuse of our financial system. Those failings went on for too long,” Chambers stated.

Metro Bank’s fine serves as a reminder of the need for robust financial crime prevention measures, as the FCA continues to prioritize enforcement against inadequate anti-money laundering controls.

Read more:
Metro Bank fined £16.6m by FCA over money laundering monitoring failures

0
FacebookTwitterGoogle +Pinterest
previous post
UK workforce split on working from home as hybrid model persists post-pandemic
next post
UK unemployment rises as wage growth slows, affecting interest rate cut prospects

You may also like

Over 90% of mid-sized businesses struggling to access...

June 26, 2023

Pimlico Plumbers founder Charlie Mullins to sell £12m...

September 7, 2024

How to create eye-catching email subject lines

October 25, 2022

Radical transformation planned for HSBC skyscraper in Canary...

July 18, 2024

Interest rate rises to 3 per cent after...

November 3, 2022

Carmakers rally as Trump hints at tariff relief...

April 15, 2025

Elon Musk Concedes X’s Uncertain Future as Glitch...

August 21, 2023

Energy Price Cap in Great Britain to Hit...

February 24, 2024

Sir Len Blavatnik pumps $827m more into DAZN...

January 24, 2025

WhatsApp Faces Backlash Over Decision to Lower Minimum...

April 12, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved