The UK’s financial regulator has fined Metro Bank £16.7m for failing to have the correct systems and controls in place to adequately monitor more than 60 million transactions, amounting £51bn in improperly checked money.
The Financial Conduct Authority identified failings between June 2016 and December 2020 and said they occurred despite concerns being raised by junior staff as early as 2017, the regulator said today (12 November) in a statement. "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," said Therese Chambers, joint executive director of enforcement and market oversight at the FCA. Treasury expected to start looking for next FCA CEO – reports Metro said it had fully co-operated with the FCA and...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
