Sonali Bank former CEO publicly censured for AML failings

The Financial Conduct Authority has publicly censured Mohammad Ataur Rahman Prodhan, the former Chief Executive Officer of Sonali Bank (UK) Limited (SBUK) for anti-money laundering (AML) failings. Mr Prodhan was originally fined £76,000 for the failings, but referred the matter to appeal. Given the low likelihood of the fine being paid, the FCA have opted in the public interest for this censure.

Mr Prodhan was the senior manager at Sonali Bank UK with responsibility for the establishing and maintaining effective AML systems and controls. Throughout the period of 2012-14, Mr Prodhan failed to take reasonable steps to understand, assess and mitigate AML risks arising in part from a poor corporate culture.

The background to this case is long understood and discussed, but the points in the final notice are important and as such we believe warranted a gap analysis template.

We’ve done self assessment questions for compliance teams and for CEOs themselves who want to challenge themselves on the actions they take and to ensure they don’t fall foul of the same errors.

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