The UK’s Financial Conduct Authority (FCA) has fined Guaranty Trust Bank UK (GT Bank) £7.7 million (US$9.4 million) for serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019. The bank provides export, import,… Read More ›
The UK’s Financial Conduct Authority (FCA) has fined Santander UK nearly £108 million (US$133 million) for repeated anti-money laundering (AML) failures. The regulator of financial services firms and financial markets in the UK says it found “serious and persistent gaps”… Read More ›
Ghana International Bank (GIB) has been fined £5.8 million (US$6.9 million) by the UK’s Financial Conduct Authority (FCA) for poor anti-money laundering and counter financing of terrorism (AML/CFT) financing controls over its correspondent banking activities. London based GIB did not… Read More ›
National Westminster Bank (NatWest) has been fined £264.8 million (US$349.4 million) following convictions for three offences of failing to comply with money laundering regulations. The bank pleaded guilty to the charges earlier this year in the first ever case in… Read More ›
The UK’s Financial Conduct Authority (FCA) has fined HSBC Bank £63.9 million (US$84.4 million) for failings in its anti-money laundering (AML) processes. Despite the bank’s use of automated processes to monitor hundreds of millions of transactions a month to identify… Read More ›
The wholesale banking, retail banking and wealth management sectors in the UK remain vulnerable to financial crime and pose the greatest money laundering risk based on sector risk assessments by the country’s Financial Conduct Authority (FCA). According to the UK… Read More ›
NatWest Bank has booked a £294 million (US$402 million) litigation charge in its quarterly results released 29 October to pay for anti-money laundering (AML) failures that led to censure from the UK’s Financial Conduct Authority (FCA). A huge fine is… Read More ›
Two of the UK’s Financial Conduct Authority’s (FCA’s) biggest sanctions in the last 12 months related to failures to address financial crime and anti-money laundering (AML) risks according to the authority’s executive director of enforcement and market oversight, Mark Steward…. Read More ›