Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

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

by
November 12, 2024
in Top News
0
Metro Bank fined £16.6m by FCA over money laundering monitoring failures
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

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.

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
UK workforce split on working from home as hybrid model persists post-pandemic

UK workforce split on working from home as hybrid model persists post-pandemic

Recommended

Food banking to alleviate hunger: Inspired by Pope Francis

Food banking to alleviate hunger: Inspired by Pope Francis

August 20, 2024
Returning to Barter: Welcoming P2P Back into the Financial System

Returning to Barter: Welcoming P2P Back into the Financial System

December 10, 2024
South Korea court begins review of Yoon impeachment

South Korea court begins review of Yoon impeachment

December 16, 2024
Motor Industry calls for VAT cut on electric cars and charging points to boost EV market

Motor Industry calls for VAT cut on electric cars and charging points to boost EV market

October 4, 2024
FDI influx to spur more jobs 

FDI influx to spur more jobs 

October 14, 2024
David Hillyard (86) Former MD of Racecourse Holdings Trust, Passes On

David Hillyard (86) Former MD of Racecourse Holdings Trust, Passes On

August 11, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) 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.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Thank you

    Copyright © 2025 investdailypro.com | All Rights Reserved