Nationwide Fined £44m by FCA After Covid Furlough Fraud Exposed AML Control Failings

Nationwide fined £44m over failings in financial crime controls - Credit Connect

Nationwide Building Society has been fined £44 million by the Financial Conduct Authority (FCA) for failing to manage financial crime risks from October 2016 to July 2021. The FCA found that Nationwide lacked adequate anti-financial crime systems, allowing customers to misuse personal accounts for business activities. This oversight led to missed opportunities in detecting £27.3m in fraudulent pandemic-related furlough payments. Therese Chambers…

Nationwide fined £44m by FCA for AML failures

Nationwide Building Society has been fined £44 million by the Financial Conduct Authority (FCA) for “inadequate anti-financial crime systems and controls between October 2016 to July 2021.” The financial regulator said the building society had “ineffective systems for keeping up-to-date due diligence and risk assessments for all its personal current account customers and for monitoring their transactions” during the period. In one case, the FCA …

Nationwide fined £44m by the FCA for AML failures

Nationwide fined £44m by the FCA for AML failures: Nationwide Building Society has been fined £44 million by the Financial Conduct Authority (FCA) for "inadequate anti-financial crime systems and controls b

Nationwide Fined £44m by FCA After Covid Furlough Fraud Exposed AML Control Failings

Nationwide Building Society is facing intense scrutiny after the UK’s Financial Conduct Authority (FCA) imposed a £44m penalty over weaknesses in its financial crime controls—failures that regulators say contributed to red flags being missed in a major Covid furlough fraud case. FCA+1 Coverage continued on Sunday, 14 December, with fresh summaries of the case highlighting the building society’s Swindon base and the regulator’s view that Nationwi…