U.K. financial regulators fined Starling Bank over $38 million for failures in financial crime prevention. The Financial Conduct Authority imposed the fine for breaches in Starling's financial sanctions screening system and opening accounts for high-risk customers. Chairman David Sproul apologized for the bank's failures after completing a review of customer accounts. The FCA stated that Starling's rapid growth outpaced its financial crime controls. An internal review revealed that since 2017, the bank's system has failed to fully screen clients for financial sanctions, leading to multiple breaches.
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00:00It's Benzinga, and here's what's on the block.
00:02UK financial regulators fine Starling Bank over $38 million for failures in financial
00:08crime prevention.
00:10The Financial Conduct Authority imposed the fine for breaches in Starling's financial
00:14sanctions screening system and opening accounts for high-risk customers.
00:18Chairman David Sproul apologized for the bank's failures after completing a review of customer
00:23accounts.
00:24The FCA stated that Starling's rapid growth outpaced its financial crime controls.
00:29An internal review revealed that since 2017, the bank's system has failed to fully screen
00:34clients for financial sanctions, leading to multiple breaches.
00:37For all things money, visit Benzinga.com.