Money laundering at Metro Bank. What the hell is going on?
The high street stalwart has been fined almost £17m for failure to monitor suspected dodgy transactions
In another blow to Metro Bank, the Financial Conduct Authority argues that poor controls on transactions worth tens of billions of pounds existed despite concerns raised by junior staff as many as seven years ago.
The resulting fine imposed by the financial watchdog totalled almost £17m and comes less than a year after the bank’s near-collapse when its share prices plunged last September.
The announcement by the FCA of shortfalls in the bank’s financial crime checks between 2016 and 2020 came in early November, triggering the early release of Metro’s Q3 financial statements.
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