Starling Bank has been fined £29 million by the UK’s financial watchdog for failings over its financial crime screenings, which the regulator described as “shockingly lax”. Starling said it accepts that failings took place between December 2019 and November 2023.
The bank said it has introduced “extensive additional safeguards” to ensure it complies with regulatory requirements.
The bank said it has introduced “extensive additional safeguards” to ensure it complies with regulatory requirements.
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NewsTranscript
00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post. Here
00:07is some breaking business news.
00:09Starling Bank has been fined £29 million by the UK's financial watchdog for failings
00:15over its financial crime screenings, which the regulator described as shockingly lax.
00:22The Financial Conduct Authority said the bank left the financial system wide open to criminals
00:28and those subject to sanctions.
00:31Starling said it accepts that failings took place between December 2019 and November 2023.
00:39The bank said it has introduced extensive additional safeguards to ensure it complies
00:44with regulatory requirements.
00:47The Chairman, David Spruill, apologised for the failings outlined by the FCA.
00:53My name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.