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Chrysalis holding Starling Bank hit with £29m fine over 'shockingly lax' financial crime controls
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The UK financial watchdog said the digital bank had been fined £28.9m for financial crime failings related to its financial sanctions screening, as well as the repeated breach of the requirement not to open accounts for ‘high-risk' customers. «Starling's financial sanction screening controls were shockingly lax. It left the financial system wide open to criminals and those subject to sanctions,» said Therese Chambers, joint executive director of enforcement and market oversight at the FCA. «It compounded this by failing to properly comply with FCA requirements it had agreed to, whic...
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