Struggling Metro Bank has been fined £16m for poor money laundering controls. The Financial Conduct Authority (FCA) said the challenger bank failed to have the right systems and controls to adequately monitor more than 60 million transactions, with a value of over £51bn, for money laundering risks.

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Reuters

United Kingdom

Britain's watchdog fines Metro Bank $20 million for control failings

The lender, which has about three million UK customers, failed to check for money laundering on millions of transactions up to 2020.

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The Independent

Evgeny Lebedev

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England

Metro Bank fined £16m for failings over money laundering checks

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.

The Woodbridge Company

Britain's Financial Conduct Authority (FCA) has fined Metro Bank £16m, for failings in its anti-money laundering controls between June 2016 and December 2020.

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Government of Ireland

Ireland

Metro Bank fined £16m for anti-money laundering failings

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Ketley

Shropshire

Evening Standard

Alfred Harmsworth (barrister)

Geraldine Mary Harmsworth

Patricia Harmsworth, Viscountess Rothermere

Carron Greig

Metro Bank fined £16.6m for failings over money laundering checks

The FCA says poor controls on transactions worth tens of billions of pounds in total existed despite concerns raised by junior staff.

Sky News UK

Roberts family

Metro Bank fined £16m by City watchdog

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.

Bloomberg

Michael Bloomberg

The Vanguard Group

Howard Buffett

BlackRock

United States

Metro Bank Fined £16.7 Million for Anti-Money Laundering Lapses

Metro Bank has been fined over £16.7m by the City watchdog for failing to properly check whether transactions were a financial crime risk. The Financial Conduct Authority (FCA) said that Metro Bank had failed to adequately monitor over 60m transactions for money laundering risks between June 2016 and December 2020.  The transactions had a total value of £51bn, the FCA noted. “Metro automated the monitoring of customer transactions for potential …

City AM

Metro Bank fined by City regulator for financial crime failings

Metro Bank has been fined more than £16m after failing to carry out adequate anti-money laundering checks for nearly four years. The bank failed to have the right systems and controls to adequately monitor over 60 million transactions, with a value of over £51bn, for money laundering risks, the Financial Conduct Authority (FCA) said. Metro automated the system of monitoring of banking transactions for potential financial crime in June 2016. Howe…

iNews

Metro Bank fined more than £16m for money-laundering failures

UK lender failed to ensure automated system was correctly checking customer transactions

Financial Times

Nikkei Inc.

Metro Bank fined £17mn for anti-money laundering control failings

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Metro Bank fined £16m by City watchdog

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