Banks and building societies, Banking, Corporate governance, Scams, Money, Consumer affairs, Business, Crime Business | The Guardian
Damning report into financial crime controls revealed a shambles at the top and surely ends any dream of a flotation soonStarling Bank fined £29m over lack of financial crime controlsStarling Bank, you could say perversely, has joined the big league: it has copped a thumping regulatory fine for having “shockingly lax” controls to combat financial crime, the sort of thing that happens to proper grownup banks.But, no, the glib line doesn’t work. Read the Financial Conduct Authority’s (FCA) final notice on Starling’s failures and you can understand why the regulator was so damning. The findings tell a tale of shambles and an absence of basic accountability at the top. “The bank built for you”, as the marketing slogan has it, was built on a wing and prayer when it came to anti-money-laundering controls. Continue reading…
Damning report into financial crime controls revealed a shambles at the top and surely ends any dream of a flotation soon
Starling Bank fined £29m over lack of financial crime controls
Starling Bank, you could say perversely, has joined the big league: it has copped a thumping regulatory fine for having “shockingly lax” controls to combat financial crime, the sort of thing that happens to proper grownup banks.
But, no, the glib line doesn’t work. Read the Financial Conduct Authority’s (FCA) final notice on Starling’s failures and you can understand why the regulator was so damning. The findings tell a tale of shambles and an absence of basic accountability at the top. “The bank built for you”, as the marketing slogan has it, was built on a wing and prayer when it came to anti-money-laundering controls.
