Major bank fined after failings that left millions of customers at risk
The IndependentGet the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Metro Bank has been fined £16.6m by regulators for failings over money laundering controls from 2016 to 2020. The watchdog said Metro Bank automated financial crime monitoring in 2016 but its system “did not work as intended”. Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: “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.” open image in gallery Metro Bank has been fined £16.6m by regulators for failings over money laundering control The company would have been fined £23.8m but it agreed to resolve the matters and so qualified for a 30 per cent discount, the watchdog said.
History of this topic
TSB fined £10.9m for ‘woeful’ systems leaving customers at ‘risk of harm’
The Independent
Metro Bank fined £10m for giving investors false information
The Independent
Bank of England fines Metro Bank £5.4m over reporting failures
The IndependentState Street bank hit with million-dollar money laundering fine
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