Metro Bank Holdings Plc was fined £16.7 million ($21.4 million) by the UK’s Financial Conduct Authority for failing to adequately monitor billions of pounds worth of transactions for money laundering risks. The lender implemented a new, automated system ...

Britain's Financial Conduct Authority (FCA) has fined Metro Bank 16 million pounds ($20.51 million), for failings in its anti-money laundering controls between June 2016 and December 2020. The bank failed to have the right systems and controls to adequately monitor more than 60 million transactions,

In addition, the law updates the definition of anti-money laundering in the new era, clarifying that it refers to actions taken to prevent and curb activities that disguise or conceal the origins and nature of criminal proceeds and their unlawful gains, as well as related criminal activities, including measures against terror funding.

Britain's Financial Conduct Authority (FCA) has fined Metro Bank 16 million pounds ($20.51 million) for failings in its anti-money laundering controls, in the latest blow to the struggling mid-sized lender.

Metro Bank fined £16.6m for failings over money laundering checks - The lender, which has about three million UK customers, failed to check for money laundering on millions of transactions up to 2020.

Metro Bank has been fined almost £16.7m after a City watchdog probe found historic failures in the lender's money laundering checks.