Reported by James Langton

Amid allegations of inadequate anti-money laundering and financial crime controls, the U.K.’s Financial Conduct Authority (FCA) has fined Metro Bank plc £16.7 million.

In a release Monday, the FCA said it sanctioned the bank for allegedly breaching the regulator’s principles by implementing a flawed system that was supposed to automatically monitor transactions for potential illegal activity.

As a result, between June 2016 and December 2020, the bank didn’t have the proper systems and controls in place to adequately monitor more than 60 million transactions for money laundering risks, the FCA alleged.

Read full report: https://www.investmentexecutive.com/news/from-the-regulators/the-perils-of-automating-anti-money-laundering-controls/