FCA: Final Notice: Metro Bank plc
12 Nov 2024
United Kingdom
1 min read
FCA has fined the firm £16,675,200. In a period between 2016 and 2020 it failed to have the right systems and controls to adequately monitor over 60m transactions, with a value of over £51bn, for money laundering risks due to an error in the automated monitoring of transactions. The firm did not have a mechanism to consistently check that all relevant transactions were being fed into the monitoring system until December 2020.
