FCA fine Starling Bank £29m for failings in sanctions and VREQ controls

FCAVREQEnforcementSanctions
Written By Richard Wegrzyn

The FCA has fined Starling Bank Limited £28,959,426 for financial crime failings related to its financial sanctions screening. It also repeatedly breached a requirement not to open accounts for high-risk customers.

Our gap analysis covers the range of findings, including:

  • VREQ controls

  • Sanctions risk assessment

  • Sanctions policies and procedures

  • Sanctions management information

  • System calibration

  • Oversight and assurance

Avyse Partners are an official content partner of the International Compliance Association. The ICA is the leading professional body for the global regulatory and financial crime compliance community.  ICA Members can gain access to Member-only content developed in partnership with Avyse that shares insights and best practice to help you meet the challenges of today and tomorrow.  Not yet an ICA Member? Join here

Richard Wegrzyn https://www.avyse.co.uk
Previous

Volkswagen Finance fined £5.4m for treatment of customers in financial difficulty and vulnerable customers
Next

FCA fine CB Payments Limited £3.5m for failures in implementing voluntary restrictions