The UK’s Financial Conduct Authority (“FCA”) has issued a final notice imposing financial penalties of £28,959,426 on Starling Bank Limited. The sum represents a discount of 30% under FCA executive settlement procedures by which the bank would have been required to pay £40,959,426 if it had not agreed to remedy issues with both its anti-money laundering and financial sanctions frameworks.
Under a 2021 voluntary application for imposition of requirements (“VREQ”) with the FCA, Starlin...
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