FCA fines Gatehouse Bank £1.5m for poor anti-money laundering checks

Written By Richard Wegrzyn

Gatehouse Bank were fined £1.5m for a range of failings in relation to their AML obligations. We haven’t included regulatory citations as they are in relation to MLR 2007, but key failings related to, amongst other things:

  • Due diligence - MLR 33

  • Source of funds / wealth - MLR 35

  • Enhanced due diligence - MLR 34

  • PEPs - MLR 35

As always, the FCA expects you to review the issues raised and assess whether you may be vulnerable to similar problems. Our gap analysis helps to make this easy for you.

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